Tech and chip stocks rebounded Monday as easing geopolitical tensions lifted sentiment across the sector.
Trump Signals Pause, Diplomacy in Focus
Semiconductor and tech stocks got a boost after President Donald Trump said the U.S. and Iran held productive talks and directed the Department of Defense to pause strikes on Iranian energy infrastructure for 5 days, contingent on progress.
Earlier, Trump issued a 48-hour ultimatum demanding Iran reopen the Strait of Hormuz or face potential U.S. strikes on its power facilities.
At the same time, reports indicated the administration has begun exploring a possible exit from the conflict, with advisers preparing diplomatic efforts tied to conditions such as reopening the strait, addressing uranium stockpiles, halting missile programs, allowing inspections, and ending support for proxy groups.
Chip Stocks Lead Recovery
Nvidia Corp. (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), Broadcom Inc. (NASDAQ:AVGO), Intel Corp. (NASDAQ:INTC), Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM), Marvell Technology, Inc. (NASDAQ:MRVL), Qualcomm Inc. (NASDAQ:QCOM) gained on Monday.
Major tech names, including Meta Platforms, Inc. (NASDAQ:META), Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOGL), also moved higher.
Price Action
Nvidia shares rose 1.78% to $175.78, while Broadcom shares gained 1.77% to $316.00. Qualcomm shares advanced 1.62% to $132.01, and Intel shares climbed 1.44% to $44.50.
Advanced Micro Devices shares added 1.08% to $203.50, while Taiwan Semiconductor Manufacturing Company shares edged up 0.42% to $330.61. Marvell Technology shares also rose 1.71% to $89.41, according to Benzinga Pro data.
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