Chipmakers' stocks have resumed their upward trend following the biggest sell-off since 2020

At the opening of trading in New York on Friday, chipmakers’ stocks are rebounding from the previous day’s decline. The Philadelphia Semiconductor Index (SOX) rose more than 5% at the start of trading on November 6.

Nvidia shares are up nearly 6%, Micron Technology shares are up nearly 6%, Broadcom shares are up 4%, Qualcomm shares are up 2%, Marvell Technology shares are up 8%, and Intel shares are up 5%.

Investors were also snapping up shares of so-called “neoclouds,” which had plummeted the day before: Nebius and CoreWeave shares are up 7%. IREN shares soared nearly 20% after the company reported a threefold increase in revenue from cloud services and a reduction in losses in the past quarter.

Stocks of companies involved in artificial intelligence were among those hardest hit by the Democrats’ victory in the congressional elections and in a number of states critical to the industry. Fears that Democrats would block the construction of new data centers led to a flight of investors from the sector on November 5. The SOX index plummeted by more than 11%, marking its worst decline since March 2020.

The Nasdaq Composite Index is up 1.5%. The previous day, it plummeted 5.5%, entering a correction phase. The broad-market S&P 500 Index, which lost more than 4% the previous day, is up 0.2% on Friday. The Dow Jones Industrial Average, an index of blue-chip stocks, remains in negative territory, down 0.9%.

We're keeping track of what's happening in the market and what analysts are advising investors to do via the live stream on the Oninvest website.

This article was AI-translated and verified by a human editor