US chip rally lifts S&P, Nasdaq amid Asian slump
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Philadelphia Semiconductor Index jumped 5.6% after a 10.3% fall on Friday, its steepest decline since March 2020.
- Intel rose 11.1% on Monday, leading the chip rally, while Marvell gained 9.6% and Micron Technology added 9.9%.
- S&P 500 climbed 0.3% and the Nasdaq Composite rose 0.9% after Friday’s 4.2% plunge.
- South Korea’s tech‑heavy Kospi fell 8.3%, with Samsung Electronics down 10.2% and SK Hynix down 7.7%; the Nikkei 225 dropped 3.9% and Taiwan’s Taiex slipped 3.5%.
- SpaceX plans an IPO that could raise $86bn, while Meta weighs a large share raise and Google announced an $85bn offering, raising concerns about market volatility.
Why it matters: The chip rally boosts investors in AI‑linked semiconductor firms such as Intel, Marvell and Micron, while the sharp decline in South Korean and broader Asian equities hurts regional shareholders and companies like Samsung and SK Hynix; the market’s heavy bullish positioning also heightens volatility risk.
