XLNX - Applied Materials stock among chip names rallying after Maxim deal approval

The Philadelphia Semiconductor Index is trading up 1.4%, outperforming the less than 1% gain for the broader tech sector (NYSEARCA:XLK). Nvidia (NVDA +3.4%) leads the chip gainers with the post-earnings rally continuing for the third session. Last week, the company reported second-quarter earnings with record revenues driven by the 85% year-over-year jump in gaming sales.  The acquisition of Maxim Integrated (MXIM +3.3%) by Analog Devices (ADI +0.2%) received approval from Chinese regulators, boosting investor optimism that AMD's (AMD +2.1%) purchase of Xilinx (XLNX +4.1%) could be the next deal to receive approval.  Semiconductor equipment companies Lam Research (LRCX +2.1%), KLA (KLAC +1.7%) and Applied Materials (AMAT +1.9%) are also rallying with the index. Upcoming catalyst: Tomorrow, Applied Materials will present at the Needham SemiCap and EDA Conference.

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Applied Materials stock among chip names rallying after Maxim deal approval