Nvidia Corp. (NASDAQ:NVDA) spearheaded a rebound among chipmaker stocks on Tuesday after the semiconductor index endured its most significant two-day decline in over two months.
On Tuesday, the Philadelphia Stock Exchange Semiconductor Index surged by up to 1.8%, reclaiming part of the 5.3% decline witnessed in the selloff on Monday and Friday. Nvidia emerged as the standout performer, registering an advance of up to 6.3%, closely followed by Taiwan Semiconductor Manufacturing Co., which saw gains of as much as 5.5%.
Semiconductor equities have experienced notable gains this year, fueled by enthusiasm surrounding the demand for components essential in artificial intelligence computing. Since the beginning of the year, the Philadelphia chip index has climbed approximately 19%, surpassing the gains of both the Nasdaq 100 Stock Index and the S&P 500, which recorded about half of that increase.
The rally witnessed on Tuesday has propelled Nvidia back toward its closing record of $926.69 on March 7. The chip giant has exhibited remarkable growth, surging by over 80% since the start of this year following a more than tripling in value throughout 2023.
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