Why Nvidia, Intel, Broadcom, and Other Semiconductor Stocks Rallied Wednesday Morning
Incremental improvements in the state of the economy and a potential groundbreaking collaboration in the chip industry helped spark a broad-based market rally.
Investors and consumers have all grown weary of persistent inflation, and the state of the economy has been top of mind on Wall Street and Main Street alike. There was finally some good news on that front, as the latest read on inflation was better than expected, igniting a broad-based market rally. Adding fuel to the enthusiasm was the potential for a groundbreaking collaboration among some of the most widely known names in the semiconductor space.
With that as a backdrop, chipmaker Nvidia (NASDAQ: NVDA) jumped 6.7%; computer and semiconductor specialist Intel (NASDAQ: INTC) rose 4.2%; chip foundry Taiwan Semiconductor Manufacturing (NYSE: TSM), commonly referred to as TSMC, jumped 3.7%; and semiconductor giant Broadcom (NASDAQ: AVGO) rallied 3.7%, as of 12:35 p.m. ET on Wednesday.
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