Micron Stock (NASDAQ:MU)
Monday’s rally in S&P 500 semiconductor stocks was led by Micron Technology (NASDAQ:MU), which gained the most after Citi reaffirmed that it is one of the company’s top chip companies to hold after the current market correction is through. As a result, Micron stock surged today.
Citi analyst Christopher Danely stated in a note to clients that the company is still “defensive” on the sector following an earnings season that featured several “negative” revisions, but that Micron, along with AMD (NASDAQ:AMD), ON Semiconductor, and GlobalFoundries are the best semiconductor stocks to own after the slide.
Even while there are multiple good signals for the wider sector, including the stability of PC sales, the driving development of AI, and the fact that the phone market seems to be “close to a bottom,” the company’s preferred semiconductor stock at the moment is Analog Devices (NASDAQ:ADI).
Shortly before 2:30 p.m. EST, Micron stock went up almost 5%, while AMD stock, ON, and GlobalFoundries went up by 1.7%, 0.8%, and 1.7%, respectively.
Analog Devices also moved higher, adding 1.6% to its price.
On a separate note, Citi restated its neutral recommendations on AMD and Intel after April laptop data revealed sales had dropped by 24% month-over-month. This was done in response to the news that Intel’s quarterly revenue had surpassed AMD’s in the first quarter.
On Monday, shares of Intel increased by roughly 2%.
Following a decline in the price of memory chips, shares of Western Digital Corporation (NASDAQ:WDC) rose by more than 10 percent when it was reported that negotiations with Kioxia Holdings are accelerating and approaching closer to a transaction.
Following the news release, Seagate shares, a company that competes with Western Digital, increased by more than 5%.
On Monday, the share prices of several semiconductor companies increased, including Nvidi, Texas Instruments, Qualcomm, and NXP Semiconductors. All of these companies’ advances were at least 1%.
Skyworks Solutions and Qorvo rose 1.7% and 1.9% to their share prices as the market traded higher for semiconductor companies tied to smartphones.
Featured Image: Megapixl © Michaelvi
Author Shariq Khan 
