"Infotech climbed 2.58% Friday, while no other sector advanced by even 0.6%, and 5 of 11 S&P sectors closed lower. Industrials and financials finished in the red, a blow to stocks that track cyclical economic trends. Even with the S&P 500 near record highs, only 52% of S&P 500 stocks are trading above their 50-day moving averages."
The Philadelphia Semiconductor Index rose about 64% since late March, with last week’s gains attributed to AI infrastructure plays, especially chip stocks. Intel surged nearly 14% on Friday after reports it would build chips for Apple, following Q1 results with non-GAAP EPS of $0.29 and data center and AI revenue of $5.05 billion, up 22% year over year. Advanced Micro Devices gained after updated longer-term growth expectations, with data center revenue of $5.78 billion, up 57% year over year, and Q2 guidance around $11.2 billion. Micron and SanDisk also moved higher, including SanDisk’s nearly 17% jump after a fiscal Q3 revenue increase to $5.95 billion, up 251% year over year. Market breadth weakened, with only Infotech up and just 52% of S&P 500 stocks above their 50-day moving averages.
Read at 24/7 Wall St.
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