The semiconductor sector, along with much of the broader market, was mostly in the green during Wednesday market action, with Intel (INTC) jumping ahead of the release of its fourth-quarter financial results.
Intel shares had climbed 9% by early afternoon trading. The company is slated to release its latest quarterly financial results after the markets close on Thursday.
Micron Technology (MU) was up 5%, AMD (AMD) had increased 5.5%, while Marvell Technology (MRVL) had ticked up 2%. Nvidia (NVDA) had inched up 0.7%. Cirrus Logic (CRUS), GlobalFoundries (GFS) and Onsemi (ON) were all up 3.5%.
The Philadelphia Semiconductor Index (SOX) had increased nearly 2%.
However, Credo Technology (CRDO) had sunk 9%, while Astera Labs (ALAB) had dropped 7.5%.
Heading into earnings season, J.P. Morgan said many semiconductor firms appear to have “considerable upside” to the AI accelerator total addressable market.
The major Wall Street indices were all in the green on Wednesday as well after U.S. President Donald Trump eased market concerns about a U.S. invasion to secure Greenland during a visit to Davos for the World Economic Forum.