Chip stocks were mixed on Friday despite the larger market seeing some gains after yesterday’s decline.
AI chipmakers, Nvidia’s (NVDA) stock was largely flat but in the red, while Advanced Micro Devices (AMD) declined around 1%. Broadcom (AVGO) dipped about 1%, but Qualcomm (QCOM) seemed to buck the trend and rose nearly 2%.
The tech focused Nasdaq Composite (COMP:IND) climbed around 0.8%. At the same time, the benchmark S&P 500 (SP500) rose around 1%. The blue-chip Dow (DJI) had advanced by about 1.2%.
Shares of GlobalFoundries (GFS) soared nearly 5%, Texas Instruments (TXN) surged about 4%, and Lattice Semiconductor (LSCC) jumped around 3%. Analog Devices (ADI) climbed nearly 2%, while Micron Technology (MU), Marvell Technology (MRVL) and Intel (INTC) rose about 1% each. Taiwan Semiconductor Manufacturing (TSM) fell nearly 1%.
Software makers Microsoft (MSFT) and Palantir Technologies (PLTR) each dipped around 1%. However, Adobe (ADBE) rose about 4%.
Chip equipment makers: Applied Materials (AMAT) climbed about 2%, while Lam Research (LRCX) was also in the green. KLA (KLAC) and ASML (ASML) each fell nearly -2%.
On Thursday, a bipartisan group of U.S. lawmakers unveiled a bill in the House that would restrict the purchase of Chinese chipmaking equipment by CHIPS Act grant recipients for 10 years.