Nvidia, Texas Instruments lead chips higher ahead of earnings from Qualcomm, Arm

Ahead of quarterly results from Qualcomm (NASDAQ:QCOM) and Arm Holdings (NASDAQ:ARM), semiconductor stocks saw strong gains on Wednesday, boosted by the news that President Trump has won the 2024 U.S. presidential election.

Among the largest gainers in the S&P 500 were Nvidia (NASDAQ:NVDA), Texas Instruments (NASDAQ:TXN), Intel (INTC), Micron Technology (MU) and Analog Devices (ADI), all of which rose 3% or more, with Texas Instruments leading the pack with a 5% gain.

Also seeing gains were AMD (AMD), which competes with Nvidia and Intel, Broadcom (AVGO), NXP Semiconductors (NXPI) and On Semiconductor (ON).

Microchip Technology (MCHP) bucked the trend and fell 1.4% after it reported second-quarter results and guidance that were weaker than forecast.

Qualcomm shares rose slightly more than 3% as the Cristiano Amon-led chip giant gets set to report fiscal fourth-quarter results after the close of trading. A consensus of analysts expect the company to earn $2.57 per share on $9.93B in revenue.

Arm shares were up 1.4% ahead of its own quarterly results, also set to be released after the close of trading. A consensus of analysts expect the British chip designer to earn $0.26 per share on $809.77M in revenue.