US Stock Market Update | Chip Stocks Rally as Western Digital Gains Over 3%

Stock News

Sep 16

On Wednesday, semiconductor stocks experienced a broad uptick across the board in the U.S. market, with Intel Corp (NASDAQ: INTC) climbing nearly 5%, Advanced Micro Devices Inc (NASDAQ: AMD) advancing close to 4%, Western Digital Corp (NASDAQ: WDC) rising more than 3%, and Seagate Technology Holdings PLC (NASDAQ: STX) along with SK Hynix Inc (OTC: SKHY) both adding over 2%. Additionally, NVIDIA Corp (NASDAQ: NVDA), ASML Holding NV (NASDAQ: ASML), and Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) all edged up more than 1%.

On the news front, Sumit Sadana, who serves as the senior advisor to the CEO at Micron Technology Inc (NASDAQ: MU) and previously held the roles of executive vice president and chief commercial officer, stated on Tuesday that the severe memory shortage currently gripping the industry is unlikely to ease in the near term, even as the company aggressively ramps up capital expenditures and pushes forward with roughly 20 expansion projects worldwide. Sadana projected that truly meaningful new supply will not begin to scale up until 2028, and regarding when supply and demand might eventually rebalance, he noted that the company currently sees no clear timeline for that recovery.

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Additionally, NVIDIA Corp (NASDAQ: NVDA), ASML Holding NV (NASDAQ: ASML), and Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) all edged up more than 1%.On the news front, Sumit Sadana, who serves as the senior advisor to the CEO at Micron Technology Inc (NASDAQ: MU) and previously held the roles of executive vice president and chief commercial officer, stated on Tuesday that the severe memory shortage currently gripping the industry is unlikely to ease in the near term, even as the company aggressively ramps up capital expenditures and pushes forward with roughly 20 expansion projects worldwide. 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