Suryaa Business Desk: Surya Global Markets & Technology Desk, New York: US Semiconductor shares under intense selling pressure in international stock markets on Friday... Surya Global Markets & Technology Desk, New York: US semiconductor stocks rallied strongly in the trading session on Friday after heavy selling pressure in the international stock markets. While the Philadelphia Semiconductor Index plunged 5.6 percent on Thursday, unsettled investors, the tech index's Nasdaq rebounded as investors turned to buying again at recent session lows. Shares of chipmakers edged higher as buying took a look at returns on heavy spending on artificial intelligence (AI) infrastructure.
Gains of major semiconductor firms: Memory chip giants led the recovery rally. Shares of leading American memory manufacturer Micron Technology (Micron Technology) rose 3.47 percent and traded at 886.22 dollars. On the other hand, Korea's SK Hynix (SK Hynix) American listed shares gained 4.49 percent and reached 137.60 dollars. Along with these, other leading chip companies like Advanced Micro Devices (AMD) recorded gains of 1.97 percent, Intel 2.13 percent and Broadcom 0.66 percent.
Market giant Nvidia gained 1.36 percent at the start but settled with a slight loss of 0.11 percent. Decisions in line with market sentiment: SK Hynix's suspension of US IPO plans for its flash memory unit 'Solidigm' in view of market volatility and strong early October chip export figures from South Korea boosted investor confidence. In addition, the Nasdaq Composite rose as much as 0.84 percent to touch a high of 26,111.62 intraday, giving a strong boost to overall global tech sentiment. Market experts are analyzing that the semiconductor sector is likely to achieve more stability if there is clarity on the demand for AI-based data centers and chip orders in the coming days.