With Chips / semis (SOXX) up 3.4%, this looks like a sector-led move rather than a company-specific surprise.
Semiconductor stocks are rallying today, with the SOXX ETF up over 3%, as investors buy back into the recently battered sector. The rebound follows an eight-day losing streak for the Philadelphia Semiconductor Index, its longest since the 2008 financial crisis, driven by concerns over inflation and the sustainability of AI-related spending. Lower Treasury yields and an analyst upgrade of Intel are providing further support for today's recovery.