INTC - Why Intel Shares Rallied Today on a Bad Day for Other Chip Stocks
2024-07-17 14:00:00 ET
Shares of Intel (NASDAQ: INTC) rallied as much as 8.2% today, before settling back into a 2.4% gain as of 12:40 p.m. ET.
While that gain in and of itself wasn't especially notable in isolation, it was quite notable in light of the big declines across most of the rest of the semiconductor sector. For instance, the VanEck Semiconductor ETF (NASDAQ: SMH) was down around 5% at the same time Intel was up 2.4%.
The discrepancy likely had to do with comments from former President Donald Trump, which raised questions as to whether the U.S. would defend Taiwan in the event of a Chinese invasion.
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Why Intel Shares Rallied Today on a Bad Day for Other Chip Stocks