AVGO - Why did Micron stock go up today? Investors flock back into Nvidia chips

2023-08-14 15:23:16 ET

Micron Technology ( NASDAQ: MU ) shares rose more than 5.5% on Monday as investors rushed back into chip stocks, after the recent sell-off.

Investment firm Morgan Stanley said now is a good time for investors to get into Nvidia ( NVDA ), the largest semiconductor company by market, following the recent decline in the stock over the past week and month.

"We think the recent selloff is a good entry point, as despite supply constraints, we still expect a meaningful beat and raise quarter - and, more importantly, strong visibility over the next 3-4 quarters," analyst Joseph Moore wrote in an investor note, adding that Nvidia ( NVDA ) is the firm's top pick in the semiconductor space.

Nvidia ( NVDA ) shares lost more than 9% last week and are down roughly 8% over the past month.

Other semiconductor stocks also saw strong gains on Monday, including AMD ( AMD ), ON Semiconductor ( ON ) and Broadcom ( AVGO ), among others.

More on Micron

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• Micron: 5 Reasons To Sell
• Micron Losing Ground In DRAM In HBM And 128GB DDR5

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