Chip stocks surge to a record as Micron and AMD lead the rebound
Semiconductor stocks powered a broad market rebound on Wednesday, with the PHLX index closing at a record as Micron jumped nearly 12% and AMD rose more than 7%.
A record day for chips
The PHLX Semiconductor Index jumped 5.66% to 10,564.11 on Wednesday, a record close, with every component higher. The rally lifted the wider market: the S&P 500 rose 1.31% to 7,619.38, the Nasdaq Composite climbed 1.60% to 25,466.19 and the Dow Jones Industrial Average added 0.49% to 52,486.49.
Technology led the rebound after a volatile week. Stocks had fallen on Tuesday after a hotter-than-expected inflation report reinforced bets that the Federal Reserve would raise interest rates in December, and the bond market was closed on Wednesday for Veterans Day.
Memory leads the rally
Memory makers led the advance. Micron jumped 11.89% to $811.30, SanDisk surged 13.69% to lead gainers in the S&P 500, and SK Hynix rose 10%. AMD climbed 7.32% to $552.90, Intel rose 7.5% to $62.50 and Broadcom added 3.99% to $345.22, while the iShares Semiconductor ETF gained 6%.
The gains followed CoreWeave's earnings beat, which eased fears that heavy spending on artificial intelligence infrastructure could not be sustained. Nvidia rose 2.9% to $173.73, recovering part of Tuesday's 5.5% drop.
CoreWeave sparks the turn
CoreWeave soared 24.71% to $60.77, its best day since April 2025, after third-quarter revenue of $3.66 billion beat the $3.55 billion analysts expected. The cloud provider also raised its 2026 revenue guidance to a range of $13 billion to $13.3 billion.
The report offered the first hard evidence in weeks that demand for AI infrastructure is still outrunning supply. CoreWeave chief executive Michael Intrator said demand "is and remains overwhelming," with capacity for 2027 oversubscribed 10 times.
- PHLX Semiconductor index10,564.11, up 5.66%
- Micron, Wednesday$811.30, up 11.89%
- AMD, Wednesday$552.90, up 7.32%
- S&P 500, Wednesday close7,619.38, up 1.31%
- Gold futures$3,990, down 1%
Gold slips as oil climbs
Gold futures fell 1% to $3,990 an ounce, slipping below $4,000 as a stronger dollar and expectations of further rate increases pressured bullion. Bitcoin traded at $74,600, up from an earlier low of $73,100 near a three-month low.
Oil prices rose, with West Texas Intermediate crude up 0.4% at $86.40 a barrel and Brent crude settling at $92.76, up 1.39%. The moves came as tensions around the Strait of Hormuz and a stronger dollar pulled markets in opposite directions.
