Intel Soars as CEO Heads to White House; Nvidia, AMD Rally on China AI Deal

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Aug 11 – The semiconductor sector had a busy Monday as Intel (NASDAQ:INTC) surged 5% midday after reports that CEO Lip-Bu Tan would meet U.S. President Donald Trump.

The meeting follows Trump’s push for Tan’s removal over Chinese business ties, with Tan aiming to share his personal and professional background.

Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) also grabbed attention, climbing 0.6% and 2.6% after striking a pay-to-play agreement to send 15% of their Chinese AI chip revenues to the U.S. government in exchange for export licenses. Nvidia’s H20 and AMD’s MI308 chips are covered under the deal.

Marvell Technology (NASDAQ:MRVL) and Qualcomm (NASDAQ:QCOM) gained 1.5% and 1.2%, while Arm Holdings (NASDAQ:ARM) jumped 3% on a Seaport Buy rating. Micron Technology (NASDAQ:MU) rallied 3% after boosting Q4 revenue guidance to $11.2B, citing strong DRAM pricing.

Semiconductor equipment names Lam Research (NASDAQ:LRCX), ASML Holdings (NASDAQ:ASML) and Applied Materials (NASDAQ:AMAT) also moved higher, with AMAT set to report earnings August 14.

This article first appeared on GuruFocus.