These 6 AI Hardware Stocks Were Up +6% On June 24th - Here's Why

Cutout paper illustration representing scheme and Stocks inscription

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The Nasdaq surged yesterday on easing geopolitical tensions - specifically reports of a ceasefire between Israel and Iran - and that lifted risk appetite across the board, especially for chip and semiconductor names.

Below are the best stock performers (i.e. +6%) of the 31 Ai hardware stocks that MunAiMarkets tracks on a daily basis in its model AI Hardware Stock Portfolio (see overview here).

Entegris (ENTG): UP 7.6%
- primarily due to:
  - a technical bounce from oversold levels (i.e. bargain hunting and short-covering)
Advanced Micro Devices (AMD): UP 6.8%
- primarily due to:
  - momentum from prior gains (UP 16% MTD from previous week's close) and institutional buying (Cathie Wood’s Ark Invest had recently added over $36 million in AMD shares)
  - announcement of a strategic collaboration with India’s HCLTech to co-develop AI, cloud, and digital transformation solutions
Rigetti Computing (RGTI): UP 6.6%
- primarily due to:
  - the market's reaction to a keynote speech by Nvidia's CEO who highlighted breakthroughs in quantum-classical integration which investors interpreted as a rising tide for the entire quantum ecosystem. Rigetti, as one of the few public pure-play quantum firms, rode that wave hard.
Tower Semiconductor (TSEM): UP 6.6%
- primarily due to:
  - a technical bounce likely reflected by a combination of short-covering and momentum buying
Intel (INTC): UP 6.4%
- primarily due to:
  - announcement of a major restructuring of its global marketing operations, outsourcing much of it to Accenture to tap into Accenture’s AI capabilities to streamline customer engagement and cut costs
  - momentum in AI PC partnership with HP of its AI-enhanced PCs powered by Intel's Core Ultra processors
Marvell (MRVL): UP 6.3%
- primarily due to:
  - momentum from Marvell’s AI-focused investor event held last week in which the company showcased its expanding role in custom AI silicon and highlighted a $94 billion market opportunity, which reignited enthusiasm for its long-term growth story