What happened: Semiconductor stocks jumped on Monday in premarket trading, recovering from a rout that left the PHLX Semiconductor Index (^SOX) down more than 9% last week.
AI chip heavyweight Nvidia (NVDA) rose more than 1%, while AMD (AMD) jumped 4% on analyst price target calls
Broadcom (AVGO) and Intel (INTC) were also poised to gain on Monday. Marvell (MRVL) and Qualcomm (QCOM) also rose, reversing Friday’s losses. Memory and storage leaders Micron Technology (MU) and SK Hynix (SKHY), meanwhile, jumped 4% and 5%, respectively.
Highflier Sandisk (SNDK) also gained more than 3%. Among the semiconductor equipment makers, ASML (ASML), Applied Materials (AMAT), and Lam Research (LRCX) edged higher. What’s behind the move: Chipmaker AMD was selected as a “top pick” by Rosenblatt, which raised its price target on the stock to $665 from $490.