Intel shares surged on Monday, pushing the S&P 500 and Nasdaq Composite to new record highs. The rally was fueled by strong demand for semiconductor stocks, with an index of chip companies marking its 18th consecutive session of gains.
The broader market benefited from renewed investor optimism around artificial intelligence and tech hardware. Intel’s jump was among the largest in the sector, lifting the Dow Jones Industrial Average as well.
The S&P 500 rose 0.6% to close at a fresh all-time high, while the Nasdaq added nearly 1%. Both indexes have been on an upward trajectory in recent weeks, driven by earnings reports and economic data that have eased recession fears.
The Philadelphia Semiconductor Index, a benchmark for chip stocks, also reached a new milestone with its record winning streak. Analysts pointed to robust demand for AI chips and data center components as key drivers.
Intel’s gains came after the company announced plans to expand its manufacturing capacity, signaling confidence in future growth. The move has been viewed positively by investors looking for long-term plays in the tech sector.
Other tech giants, including Nvidia and Advanced Micro Devices, also posted gains, contributing to the overall market strength. Large-cap growth stocks have been a central focus for traders this quarter.
Despite the rally, some market watchers caution that valuations remain elevated. However, current momentum suggests continued investor appetite for equities, particularly in the semiconductor space.
