Chip sector surges on Micron’s NY fab plan, Foxconn’s record September

Micron’s big announcement to spend up to $100 billion over the next 20-plus years on a chip mega-fab in New York helped buoy chip stocks Tuesday.

After months of tech stock disruption, the Nasdaq rose more than 2%, while Micron rose more than 4% to $53.94 at 1:30 p.m. EDT. The Philadelphia Semiconductor Index was up by 4.3%.

Foxconn, a big Apple supplier, rose 1.6% after the company announced it is “cautiously optimistic” on the fourth quarter after pegging record September sales of nearly $26 billion, an improvement of 40% year to year.The company said it would still be closely monitoring inflation, the pandemic and the supply chain, however.

Apple gained nearly 2%, while STMicroelectronics and Infineon were up more than 5% and  more than 7%, respectively.  The EU announced Tuesday it will force electronics makers to standardize on USB-C charging devices as soon as 2024.

Nvidia and Qualcomm saw gains of about 4% mid-day, while Intel was up nearly 2% and AMD up nearly 3%. Texas Instruments tagged 3% gains, while Analog Devices and NXP gained  about 4%. ON Semiconductor gained nearly 6%. TSMC was up 5%.

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