Why GlobalFoundries, Micron Technology, and Applied Materials Soared Today
Shares of semiconductor-focused companies GlobalFoundries (NASDAQ: GFS), Micron Technology (NASDAQ: MU), and Applied Materials (NASDAQ: AMAT) were roaring higher today, up 12%, 4.3%, and 4.7%, respectively, as of 2:31 p.m. ET.
There wasn't any company-specific news today for any of these stocks, although there was earlier in the week, especially for GlobalFoundries. However, broader optimism over the path of inflation, the passage of the CHIPS Act earlier this week, and today's likely passage by the House of the Inflation Reduction Act could all be helping these stocks move higher.
Additionally, an article on Apple's (NASDAQ: AAPL) iPhone production plans last night may have eased some fears around the beaten-down chip sector.
Source Fool.com
