Sandisk, Western Digital and others soar as Micron results 'justify elevated valuations'

What happened: Memory and retention stocks rallied connected Thursday. Shares of SanDisk (SNDK) and Western Digital (WDC) gained 10%, and 4%, respectively portion chipmaker Qualcomm (QCOM) and instrumentality shaper Applied Materials (AMAT) besides rose.

What's down the move: The iShares Semiconductor ETF (SOXX) ticked up by much than 1% aft Micron Technology's (MU) blowout quarterly results reinforced the communicative that superior spending connected artificial quality continues to accelerate.

That helped assistance sentiment, "suggesting investors stay consenting to look done short-term volatility arsenic agelong arsenic the net outlook continues to warrant elevated valuations," said Daniela Hathorn, elder marketplace expert astatine capital.com.

Meanwhile, AI spot heavyweight Nvidia (NVDA) slipped aft rival Qualcomm (QCOM) forecast $15 cardinal successful caller information halfway gross arsenic it heavy broadens beyond smartphones.

What other you request to know: Memory has been a large bottleneck successful the artificial quality trade, with Micron starring the semiconductor complex.

Last month, Micron Technology, Samsung Electronics (005930.KS), and SK Hynix each made headlines arsenic they reached $1 trillion valuations for the archetypal time.

Stocks crossed the semiconductor analyzable person been driving the wide tech assemblage (XLK) up 27% year-to-date, and a whopping 43% since the March 30 lows.

Ines Ferre is simply a elder concern newsman for Yahoo Finance. Follow her connected X astatine @ines_ferre.