- Major U.S. stock indices rose on Monday, led by a rebound in technology and semiconductor shares.
- Microsoft shares fell nearly 1% following its announcement of global workforce cuts totaling 2.1%.
- Chipmaker NVIDIA stated its product roadmap is “intact” after a report about potential server delays.
- Memory chip giant SK Hynix Inc. began the process for its planned $28 billion U.S. listing.
U.S. equity markets climbed higher on Monday, with the Dow Jones Industrial Average hitting a new record as technology stocks reversed their previous week’s declines. The Nasdaq 100 led gains with a 1.3% rise, while the S&P 500 and Dow added 0.8% and 0.3%, respectively. However, shares of Microsoft fell almost 1% after the company said it’s cutting 4,800 jobs, or 2.1% of its global workforce.
Semiconductor stocks were a primary driver, with the VanEck Semiconductor ETF (SMH) rising 2% and the Philadelphia Semiconductor Index (SOX) gaining 2.2%. Nvidia pushed back against a report about product delays, stating “our road map is intact” according to sources. This resurgence followed a week where tech stocks dropped over concerns about AI demand longevity and high capital expenditure plans.
Consequently, investor focus is shifting from pure-play chip stocks to AI hyperscalers, according to a Bloomberg report citing a Morgan Stanley note. The firm identified Microsoft Corp., Amazon.com Inc., and Meta Platforms Inc. as its top picks in that segment. Meanwhile, SK Hynix Inc. kicked off the process for its $28 billion U.S. listing, signaling significant industry movement.
Other notable movers included Lockheed Martin, which agreed to purchase naval systems specialist Ultra Maritime for $3.45 billion. Apple also secured its chip supply by signing a long-term pact with Broadcom amid a semiconductor shortage fueled by AI demand. Retail sentiment on platforms like Stocktwits for major index ETFs remained ‘bullish’ with normal to high message volumes.
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