The tech sector is rebounding today, pushing the Nasdaq Composite Index (IXIC) up triple digits, as investors buy the dip following an extended broad-market selloff. Chipmakers in particular are riding the wave as artificial intelligence (AI) reenters the spotlight, with Nvidia (NVDA) up 6.7% at last glance.
The shares of Intel Corp (NASDAQ:INTC) were last seen up 4.2% at $20.61, looking to snap a seven-day losing streak. The $19 level — which provided a solid floor on the charts since the stock’s early-August bear gap — captured this most recent pullback. INTC has yet to rally to pre-August levels, however, despite surging on acquisition buzz in mid-February. Year-over-year, the equity is down 54.4%.
Advanced Micro Devices Inc (NASDAQ:AMD) stock is up 4.1% at $100.73, bouncing off last session’s 52-week low of $94.73. The stock has been moving steadily lower since early October, with overhead pressure at the 40-day moving average, and now sports a 50.3% year-over-year deficit.
Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) stock was up 3.5% at $176.87 at last look, jumping off six-month lows. The 200-day moving average, which provided long-term support from November 2023 until a couple weeks ago, lingers above as potential pressure. Outperforming its peers, TSM is still hanging on to a 22.6% 12-month lead.
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