TXN - Micron leads chips higher as selling eases in holiday-shortened week

2023-04-06 12:30:55 ET

Micron Technology ( NASDAQ: MU ) shares led the semiconductor industry higher on Thursday to end a holiday-shortened trading week after a few days of selling hit the industry.

Micron ( MU ) gained more than 3.5% at mid-day, rebounding from losses seen earlier in the week, as investors continued to assess the impact of China's cybersecurity review on the company.

On Tuesday, Citi analyst Christopher Danely said it's unlikely to actually have any impact on the memory chip maker. Danely pointed out that while China represents 15% of the company's sales, the company's fundamentals are largely driven by the dynamic random access memory cycle.

Nvidia ( NASDAQ: NVDA ) shares ticked up around 0.5% after Bank of America reiterated its buy rating on the GPU maker, citing share gains made in March among Steam users.

Analyst Vivek Arya was also positive on AMD ( AMD ), citing continued improvements made in the gaming market as well as advancements in artificial intelligence and large language models.

AMD ( AMD ) shares slipped fractionally at mid-day.

Most other semiconductor stocks were modestly higher on Thursday, including Qualcomm ( QCOM ), Intel ( INTC ), Texas Instruments ( TXN ) and Microchip Technology ( MCHP ).

Broadcom ( AVGO ), Analog Devices ( ADI ) and NXP Semiconductors ( NXPI ) bucked the trend and saw moderate pressure to the downside.

Earlier this week, data from the Semiconductor Industry Association pointed to a rebound in chip sales during February .

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