Chip stocks are experiencing a significant rebound in pre-market trading, with the SOXX ETF up 2.70%, following their worst weekly decline since March. This move appears to be driven by investors buying back into the beaten-down sector ahead of key third-quarter earnings reports from tech heavyweights later in the week. Positive commentary from Intel's CEO over the weekend regarding the company's restructuring and growth in AI-related areas may also be contributing to the improved sentiment.