Most semiconductor stocks were in the green on Monday as big tech entered the heart of earnings season and companies continued to ink billion-dollar deals.
Qualcomm (NASDAQ:QCOM) led the pack with a 12% surge after the company announced its official entry into the artificial intelligence chip game. It unveiled its Qualcomm AI200 and AI250 chip-based accelerator cards and racks, all of which use the company’s neural processing units technology.
Meanwhile, AMD (NASDAQ:AMD) had inched up 1% after CEO Dr. Lisa Su and U.S. Energy Secretary Chris Wright said the two entities were coming together in a $1B partnership aimed at developing supercomputers.
Nvidia (NASDAQ:NVDA) shares had increased 2.5% by afternoon trading as the Jensen Huang-led company kicked off its GTC event in Washington, D.C., today. Huang is slated to present the keynote address at noon EST on Tuesday.
Intel (INTC) was up 3%, Taiwan Semiconductor Manufacturing (TSM) had increased 1%, while Broadcom (AVGO) had gained 2%. Marvell Technology (MRVL) had jumped nearly 5%.
NXP Semiconductors (NASDAQ:NXPI), which will report its third-quarter financial results after the bell today, had edged up 0.5%. A consensus estimate calls for the company to report adjusted earnings per share of $3.12 on revenue of $3.16B.
Cadence Design Systems (NASDAQ:CDNS), which plays a crucial role in the semiconductor industry, is also scheduled to release its third-quarter results. A consensus estimate expects adjusted EPS of $1.79 on revenue of $1.32B. Its shares were up 2%.
On Tuesday, Seagate Technology (STX) and Logitech (LOGI) are set to present their latest financial results. Seagate was down 1.5%, and Logitech was up 1.75%.
KLA (KLAC), which provides semiconductor manufacturing equipment, had increased 2.2%. It will present its earnings on Wednesday, Oct. 29. Monolithic Power Systems (NASDAQ:MPWR) had climbed 3%. It reports post-market on Thursday, Oct. 30.