Shares of semiconductor equipment stocks ASML Holdings (NASDAQ: ASML), Applied Materials (NASDAQ: AMAT), and Lam Research (NASDAQ: LRCX) rallied in November, rising 17.4%, 24.1%, and 16.7%, respectively.

There were several reasons for the across-the-board strength. First, semiconductor stocks had already sold off hard this year through September, as rising interest rates and recession fears caused a huge decline in semis after they recorded a very strong 2021.

But on Nov. 10, a lighter-than-expected inflation report lit a fire under virtually all beaten-down tech stocks, as moderating inflation spurred hope the Fed may slow its interest rate hikes going forward.

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Source Fool.com