Nvidia, chip index have best day since April 6
Nvidia Corp.’s stock and the broader chip sector logged their best days in nearly a year as beaten-down tech stocks staged a rally Tuesday.
Nvidia NVDA, +8.03% shares finished up 8% at $500.81, while the PHLX Semiconductor Index SOX, +6.13% rose 6.1% and the tech-heavy Nasdaq Composite Index gained COMP, +3.69% 3.7%. The last time Nvidia and the SOX index saw a larger one-day gain was April 6, 2020, when both rallied about 10%.
With Tuesday’s gains, the SOX index is still down 4.4% and the Nasdaq is off 0.9% for the month of March, following the Nasdaq’s dip into correction territory on Monday. Over the past 12 months, or since the time that COVID-19-triggered lockdowns became a daily reality in the U.S., the SOX has gained 88% while the Nasdaq has risen 64%.
Other chip-related stocks that outpaced the SOX index Tuesday included Advanced Micro Devices Inc. AMD, +6.18% with a 6.2% gain, Applied Materials Inc. AMAT, +8.08% up 8.1%, Marvell Technology Group Ltd. MRVL, +9.49% up 9.5%, Microchip Technology Inc. MCHP, +6.37% with a 6.4% gain, Skyworks Solutions Inc. SWKS, +6.95%, up 7%, and Teradyne Inc. TER, +8.77% with an 8.8% gain.
As for chip makers with a market cap of $100 billion or more, Intel Corp. INTC, +4.71% finished up 4.7%, Broadcom Inc. AVGO, +5.31% rose 5.3%, Micron Technology Inc. MU, +5.00% gained 5%, Qualcomm Inc. QCOM, +4.80% rose 4.8%, Taiwan Semiconductor Manufacturing Co. TSM, +2.15% gained 2.2%, and Texas Instruments Inc. TXN, +5.09% rose 5.1%.