💻 Chip Stocks Surge as Micron, Synopsys, and Lam Research Rally; Oracle Pulls Back After AI-Fueled Highs | Tech Sector Insights
Micron jumped nearly 8% on hyperscale demand forecasts and a Citi price target hike, while Synopsys rebounded 13% after a steep selloff, aided by ARK’s fresh stake.Oracle, however, slid 6% as investors questioned the scale and timing of its $300B OpenAI deal.
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Thursday, September 11
VGT [+0.6%]
Vanguard Information Technology ETF (VGT)
Oracle Corp's shares surged significantly following its earnings report, fueled by strong demand for AI infrastructure. This development has had immediate implications for sector-specific funds like the Vanguard Information Technology ETF (VGT), which has experienced a price increase of 0.6% since Wednesday. The recent surge in Oracle's stock has positively influenced sentiment towards technology stocks, aligning with expectations of potential Federal Reserve interest rate cuts amid mixed economic data on inflation and jobless claims. Among VGT's holdings, notable contributors include Micron Technology, Synopsys, Lam Research, and Applied Materials, with each experiencing varying degrees of performance. Additionally, the Dow Jones Index has risen, reflecting broader market sentiment that may also be influencing VGT's performance. Recent macroeconomic events, including an unexpected rise in U.S. inflation rates and a surge in initial jobless claims, have added to the backdrop of heightened economic uncertainty impacting VGT.