Last week, chip stocks helped drag Wall Street lower. Monday, they’re lifting the indexes while most stocks keep falling.
A Yahoo Finance basket of 60 chip-related stocks is recovering nearly $250 billion in market value, with gains reaching across memory makers, chip designers, and equipment suppliers.
Micron (MU) and Intel (INTC) are each gaining over 2%, while Sandisk (SNDK) is up nearly 5%. AMD (AMD), Nvidia (NVDA), and Western Digital (WDC) are joining the rebound.
Nearly 90% of the stocks in the chip basket are higher. Across the S&P 500, roughly 70% are falling, according to Yahoo Finance calculations.
The equal-weight S&P 500 ETF (RSP) is lower even as the main index advances, showing how much the headline recovery depends on a relatively small group of winners.
Many of those buyers are returning to familiar territory.
Micron and Sandisk lost roughly 15% and 18%, respectively, last week, as memory stocks entered another bear market. Both helped power the spring rally from the March lows as hopes of a US-Iran ceasefire improved.
906.01 +27.16 (+3.09%)
As of 2:18:44 PM EDT. Market Open.
MU SNDK
That earlier leadership is showing up beyond individual chip names. Among the S&P 500’s 100 strongest performers from March 30 through June 2 — the first big leg higher after war headlines faded — 61 are rising Monday. Among the 100 weakest, 84 are falling.
Intel also has a fresh catalyst. JPMorgan upgraded it to Neutral from Underweight, citing opportunities tied to AI demand and chip scarcity, as Yahoo Finance’s Brian Sozzi reports.
The rebound is getting a tougher reception elsewhere in AI.
CoreWeave (CRWV) has surrendered most of its premarket gains despite a Goldman Sachs upgrade to Buy. The cloud provider’s financing needs were front and center in last week’s selling.
Semiconductor stocks have also pulled back since the open. For chip bulls, the PHLX Semiconductor Index (^SOX) would ideally close above 11,500 today and needs to hold the 11,000-11,100 area to avoid a larger washout.
Internal AI tools helped analyze interview transcripts, research, and draft this post. Humans reviewed, edited, and fact-checked this post before publication.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
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