Why Intel, Qualcomm, and Taiwan Semiconductor Manufacturing Rallied Today
Shares of leading semiconductor companies Intel (NASDAQ: INTC), Qualcomm (NASDAQ: QCOM), and Taiwan Semiconductor Manufacturing (NYSE: TSM) rose 7.6%, 3.1%, and 2.1%, respectively, in Wednesday trading.
Virtually all chip stocks were lifted by the fiscal second-quarter report Micron Technology (NASDAQ: MU) delivered Tuesday after the market close. While the results themselves were pretty terrible, the report and the conference call offered reasons to believe that the industry has reached its cyclical bottom.
In addition, Intel gave a presentation Wednesday about its current data center chips and future roadmap that seemed to greatly encourage investors, indicating that the company's pervasive delays in releasing new chips may now be a thing of the past.
Source Fool.com
