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semiconductor / news / / Devdiscourse

Technology stocks rallied for a second consecutive day following last week's downturn.

Applied Digital surged nearly 11% after a $5.2 billion AI data center lease announcement.

KEY POINTS
Wall Street's major indexes showed substantial gains on Tuesday as technology stocks rallied for a second consecutive day following last week's downturn. Easing tensions in the Middle East also contributed positively to investor sentiment. Key chipmaking companies, including Intel, Broadcom, and Micron Technology, saw their shares rise by up to 3.2%. Applied Digital notably surged almost 11% after securing a $5.2 billion AI data center lease with a U.S.-based hyperscaler. The Philadelphia SE Semiconductor index increased by 2.3%, with the S&P 500 tech index climbing 0.7%. Despite previous concerns regarding high valuations, particularly after Broadcom's disappointing forecast, strong earnings expectations helped maintain bullish momentum in the tech sector. (With inputs from agencies.)
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