INTC - Why Intel Stock Gained Despite Huge Volatility Today
2024-07-18 18:26:34 ET
Intel (NASDAQ: INTC) stock gained ground in Thursday's trading despite big sell-offs hitting the broader tech sector. The semiconductor company's share price closed out the daily session up 1.2%, according to data from S&P Global Market Intelligence . Earlier in the day's session, it had been up as much as 5.3%.
Chip stocks broadly got crushed in today's trading. In fact, the performance marked the worst single-day valuation slide for the industry in more than four years. But despite the big semiconductor sell-off, Intel was able to post gains thanks to the promise of the company's expanding chip fabrication business.
Semiconductor investors have gotten hit by a surge of concerning news lately. Bloomberg reported yesterday that former president and current presidential candidate Donald Trump had made comments suggesting that the U.S. could be hesitant to defend Taiwan or require it to pay for services if he were to become Commander-in-Chief again. Taiwan is home to Taiwan Semiconductor Manufacturing , the world's leading contract semiconductor fabrication company and the leading manufacturer of advanced chips used for artificial intelligence ( AI ), accelerated computing, and other vital national security and economic applications.
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Why Intel Stock Gained Despite Huge Volatility Today