Intel unveils AI offerings as semiconductor index hits record
Intel To Report Quarterly Earnings
Justin Sullivan
Intel (NASDAQ:INTC), Micron Technology (NASDAQ:MU) and NXP Semiconductors (NXPI) were among the biggest gainers amongst semiconductor stocks on Thursday as the broader chip industry hit a record.
The Philadelphia Semiconductor Index, which tracks the 30 largest semiconductor companies, hit a record in early trading on Thursday, up nearly 2.7% to 4,095.91. It has risen nearly 67% compared to its 52-week low of 2,445.20.
Components of the index include companies such as AMD (AMD), Analog Devices (ADI), Nvidia (NVDA), Qualcomm (QCOM) and more.
Intel, Micron and NXP, which are also components of the index, added more than 2% in early trading on Thursday, as investors were buoyed by comments from Federal Reserve Chairman Jerome Powell that the U.S. central bank is done raising rates and is thinking about cutting its main rate by as much as 75 basis points next year.
Separately on Thursday, Intel (INTC) unveiled its Gaudi 3 accelerator processor that it hopes will compete with Nvidia's (NVDA) offerings in the data center as more data center look to AI-centric chips to do high performance computing.