By Wallace Witkowski
Nvidia Corp.’s stock and the broader chip sector logged their best days in nearly a year as beaten-down tech stocks staged a rally Tuesday.
Nvidia /zigman2/quotes/200467500/composite NVDA +0.28% shares finished up 8% at $500.81, while the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX +0.30% rose 6.1% and the tech-heavy Nasdaq Composite Index gained /zigman2/quotes/210598365/realtime COMP -0.09% 3.7%. The last time Nvidia and the SOX index saw a larger one-day gain was April 6, 2020, when both rallied about 10%.
With Tuesday’s gains, the SOX index is still down 4.4% and the Nasdaq is off 0.9% for the month of March, following the Nasdaq’s dip into correction territory on Monday . Over the past 12 months, or since the time that COVID-19-triggered lockdowns became a daily reality in the U.S., the SOX has gained 88% while the Nasdaq has risen 64%.
Other chip-related stocks that outpaced the SOX index Tuesday included Advanced Micro Devices Inc. /zigman2/quotes/208144392/composite AMD +1.11% with a 6.2% gain, Applied Materials Inc. /zigman2/quotes/209393259/composite AMAT -0.91% up 8.1%, Marvell Technology Group Ltd. /zigman2/quotes/200053236/composite MRVL -0.23% up 9.5%, Microchip Technology Inc. /zigman2/quotes/208326291/composite MCHP +1.54% with a 6.4% gain, Skyworks Solutions Inc. /zigman2/quotes/201417573/composite SWKS +0.57% , up 7%, and Teradyne Inc. /zigman2/quotes/208321188/composite TER -0.27% with an 8.8% gain.
As for chip makers with a market cap of $100 billion or more, Intel Corp. /zigman2/quotes/203649727/composite INTC -1.66% finished up 4.7%, Broadcom Inc. /zigman2/quotes/200646538/composite AVGO +0.91% rose 5.3%, Micron Technology Inc. /zigman2/quotes/205710729/composite MU -0.21% gained 5%, Qualcomm Inc. /zigman2/quotes/206679220/composite QCOM -0.44% rose 4.8%, Taiwan Semiconductor Manufacturing Co. /zigman2/quotes/204359850/composite TSM +0.48% gained 2.2%, and Texas Instruments Inc. /zigman2/quotes/202237907/composite TXN +0.63% rose 5.1%.