Why Microsoft, Advanced Micro Devices, and Qualcomm Were Surging Today
Shares of Microsoft (NASDAQ: MSFT), Advanced Micro Devices (NASDAQ: AMD), and Qualcomm (NASDAQ: QCOM) all rocketed higher Thursday. As of 3:33 p.m. ET, they were up 4%, 7.2%, and 3.8%, respectively.
The broader market indexes were in positive territory for the day, too, but these three stocks more likely rose due to a prominent semiconductor sector analyst calling a "bottom" in consumer electronics, specifically PCs and smartphones. In addition, Microsoft showed off some upcoming integrations between ChatGPT and its Office software suite.
On Thursday, Susquehanna analyst Christopher Rolland essentially called the bottom in the consumer electronics sector, upgrading Qualcomm (NASDAQ: QCOM) and AMD's rival Intel (NASDAQ: INTC), among others. "We believe the acute portion of the semiconductor downcycle for the handset, PC and consumer end markets has passed," he said in a research note to clients.
Source Fool.com
