TXN - Advanced Micro Devices Nvidia lead chip stocks higher as tech sector rallies

Advanced Micro Devices (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) led chip stocks higher on Friday as the broader market and tech sector rallied on easing fears over inflation and concerns over a recession that could impact the global economy. AMD (AMD) gained nearly 5% to $86.40, while Nvidia (NVDA) gained more than 4% to $168.92 in late morning trading. Other chip stocks, including Broadcom (NASDAQ:AVGO), Intel (INTC), Qualcomm (QCOM), Micron (MU) and NXP Semiconductor (NXPI) all gained between 3% and 4%. On Friday, St. Louis Federal Reserve President James Bullard said that recession fears were overblown, citing strength in consumer spending and their ability to keep spending. Separately, inflation expectations from the University of Michigan, a closely watched measure among investors, eased, indicating the Fed may not have to go as far as some had feared to tame inflation. Several other semiconductor stocks also rose, including Wolfspeed (NYSE:WOLF), which saw its shares jump more than 9%

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Advanced Micro Devices, Nvidia lead chip stocks higher as tech sector rallies