Newsquawk Analysis on US Tech: Broader semi names rise, while AMD & TSM hit on NVDA/INTC announcement

Analysis details (13:00)

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  There has been a lot of bullish news for US mega-cap stocks since Wednesday’s post-Fed close, which is boosting many of the Mag-7 names and also wider indices such as the SPX and NDX. As a reminder, indices saw two-way action on Wednesday, initially gained after a dovish Fed decision and accompanying SEPs, but reversed on a hawkish Powell presser to see indices close mixed.


• Back to today, and arguably the stock-specific highlight was news that NVIDIA (NVDA) (+2.5%) is to invest USD 5bln in Intel (INTC) (+16%); NVDA deal does not include an agreement for INTC to manufacture NVDA chips, and the two Cos. are to jointly develop PC and data center chips. In reaction to the news, AMD (AMD) (-2.2%)  and TSMC (TSM (-0.5%) have sold off, as it represents a possible risk to TSM as it currently manufactures NVDA’s flagship processors, while AMD competes with INTC for supplying chips to data centers. However, most chip names are benefiting from the news: Applied Materials (AMAT) (+6%), Lam Research (LRCX) (+4.5%), Marvell (MRVL) (+2%), and Micron (MU) (+2.6%), which is seeing the broader semiconductor ETF, SOXX, firm by +2.6%.


• Providing further tailwinds to the tech space is Alphabet (GOOG) (+1.1%), after FT reported that China drops Google antitrust probe during US trade talks. Elsewhere, Apple (AAPL) are exploring possible test production of foldable iPhones in Taiwan, while Meta (META) launched its first consumer-ready smart glasses with a built-in display at USD 799, available September 30th.

18 Sep 2025 - 13:00- EquitiesResearch Sheet- Source: Newsquawk