Philadelphia Semiconductor Index Rises over 3%. ARM Soars 15%, Astera Labs Rallies Nearly 12%, Marvell Technology Jumps About 8% to Record Highs; AMD up over 7%

Tiger Newspress05-20 22:52

Chip, storage shares rallied on Wednesday. ARM up 15%, Astera Labs up nearly 12%, Marvell Technology up about 8% to new record highs; AMD up over 7%; Intel up 6%; ASML up 5%.

Even if investors were getting a bit restless, Wall Street analysts have maintained their confidence in Intel. Seaport analyst Jay Goldberg said that while many chip names were “getting ahead of their fundamentals,” Intel has a good chance of growing into its numbers.

Benchmark’s Cody Acree also said he was more confident that investors were underestimating Intel’s earnings power following a fireside chat with the company. He raised his price target to $140 from $105 on Monday.

Citi analyst Atif Malik did the same, hiking his target to $130 from $95 at the start of the week. He estimated that the central processing unit (CPU) market would expand 35% a year to $132 billion by 2030, boosted by surging demand for the chips used to power AI agents.

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