The index climbed 1.6%, adding to a gain of more than 3% on Wednesday, and it is now on track for its biggest two-day percentage gain in nearly two months, hitting its highest level since April 6 after a flurry of updates from several chipmakers including Intel, Micron Technology and Germany’s Infineon.
“That was probably the best read in terms of what everyone is concerned about, which is, are we going into a significant recession?” said King Lip, chief investment strategist at BakerAvenue Wealth Management in San Francisco. “And from Micron’s read, we’re not. “There’s been a chip glut through the industry so production has been very low, prices have had to come down,” said Jeff Kleintop, chief global investment strategist at Charles Schwab in Celebration, Florida.
The semiconductor index is up nearly 27% this year, putting it on track for its biggest quarterly percentage gain since the second quarter of 2020.
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