2023-05-11 13:15:10 ET
Micron Technology ( NASDAQ: MU ) shares bucked the trend on Thursday as semiconductor stocks were largely in the red at mid-day amid a light trading day.
Micron ( MU ) shares rose 2.5% just after 1 p.m. EST, as just over 9M shares changed hands. For comparison purposes, the average daily volume is just under 16.5M shares.
Nvidia ( NASDAQ: NVDA ) shares dipped 0.6% even as Bank of America called it the picks and shovels leader in the "AI gold rush."
In a note previewing the company's first-quarter results, analyst Vivek Arya said the company could see upside from richer content and pricing of its H100 chips - which is between two and three times more expensive than the A100 - and its ability to bundle more networking content.
Intel ( INTC ) and AMD ( AMD ), both of which compete with Nvidia ( NVDA ), diverged, as Intel fell 3% , while AMD saw fractional gains.
Taiwan Semiconductor ( NYSE: TSM ), which makes chips for some of the world's largest tech companies, fell nearly 2% even as the company's co-CEO said the company was working to control costs amid the war in Ukraine.
"War happening in a far away place – the Ukraine war – has ripple effects that reach us," said Taiwan Semiconductor's ( TSM ) co-CEO C.C. Wei said at its annual technology showcase, according to Reuters.
GlobalFoundries ( GFS ), which competes with Taiwan Semiconductor, fell 1.1% on light volume as well.
Other semiconductor stocks were modestly lower on Thursday, including Texas Instruments ( TXN ), Analog Devices ( ADI ), NXP Semiconductors ( NXPI ), and Microchip Technology ( MCHP ).
More on Micron and semiconductors
- Citi reiterates buys on Micron, Samsung, SK Hynix as memory looks to recover
- Global chip sales show signs of life in March, rising 15% from February: BofA
- Chinese probe into Micron seen as 'major concern,' US lobbying group says
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Micron bucks trend as chips sink on light volume