đź’» Micron Surges, AI Optimism Pushes VGT Higher After CPI Data | Tech Sector Insights
(VGT) rose 1.6% since Wednesday after U.S. CPI data showed inflation easing more than expected. The softer inflation print reinforced expectations for a more accommodative Federal Reserve, supporting tech stocks. Micron led gains, surging more than 13% following record first-quarter results.
Welcome to the MarketReader Minute.
Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Thursday, December 18
VGT [+1.6%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has risen by 1.6% since Wednesday, coinciding with the release of U.S. Consumer Price Index (CPI) data showing a lower-than-expected annual growth rate of 2.7% for November, suggesting moderating inflation pressures. This may positively influence Federal Reserve policy decisions regarding interest rates, particularly benefiting technology stocks. Among VGT's holdings, Micron Technology experienced a significant surge of over 13% after reporting record first-quarter results and issuing optimistic guidance. Microsoft announced a strategic partnership with Cognizant Technology Solutions to co-develop AI solutions, contributing positively to its performance. Other notable contributors include NVIDIA, which also posted solid returns, and Advanced Micro Devices, buoyed by favorable sentiment surrounding upcoming product developments and the positive momentum in the semiconductor sector following Micron's results.