LRCX - Why Semiconductor Stocks Broadcom Arm Holdings and Lam Research Rallied Today
2024-06-05 14:25:24 ET
Shares of most semiconductor stocks including sector leaders Broadcom (NASDAQ: AVGO) , Arm Holdings (NASDAQ: ARM) , and Lam Research (NASDAQ: LRCX) were rallying today, with these three up 5.2%, 5.3%, and 4.6%, respectively, as of 12:50 p.m. ET on Wednesday.
These three chip leaders are players within the artificial intelligence (AI) race, and their stocks have seen solid price appreciation in 2024. But that growth stalled last month, as recent inflation reports came in hotter than expected in April.
But today, more positive AI news continued to roll in. Meanwhile, Wednesday saw a softer-than-expected May jobs report. That fueled hope that lower inflation could be in the cards, and strengthened the prospects for Federal Reserve interest rate cuts this year.
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Why Semiconductor Stocks Broadcom, Arm Holdings, and Lam Research Rallied Today