Reuters
US semiconductor index hits highest in nearly a year on hopes for industry turn
The Philadelphia semiconductor index hit its highest level in nearly a year on Thursday, as optimism grows that a sales downturn in the industry has reached its nadir, in part due to a surge in artificial intelligence (AI) technology. The index climbed 1.6%, adding to a gain of more than 3% on Wednesday, and it is now on track for its biggest two-day percentage gain in nearly two months, hitting its highest level since April 6 after a flurry of updates from several chipmakers including Intel, Micron Technology and Germany’s Infineon. Micron forecast a sharp drop in third-quarter revenue from the year-ago period on Tuesday, but CEO Sanjay Mehrotra said he was confident about the long-term and said the memory chip industry would see a record calendar year 2025 in terms of market size as AI will help boost sales.
