Shares in Advanced Micro Devices (AMD) jumped 13.26% on Monday 9 November, leading a sharp rebound in chip stocks as Wall Street recovered from last week’s sell-off and oil prices fell.

AMD closed at $508.58, up $59.54 from its previous close of $449.04. The shares opened at $473.39 and reached a high of $515.18 during the session. The gain recouped much of the 11% AMD had lost the previous week, as investors returned to semiconductor stocks that had been sold heavily after the United States midterm elections.

Broadcom was another big riser, closing at $319.48, up 8.78%. Marvell Technology rose 9.5%, Lam Research rose about 10%, Micron rose 6.3%, Intel rose about 6% and Taiwan Semiconductor Manufacturing Company (TSMC) rose 3.5%. Nvidia was the exception: it fell 4.27% to $178.67 after its board opened an investigation into chief executive Jensen Huang, and was the only declining stock in the Philadelphia Semiconductor Index.

Semiconductor index jumps almost 7%

The Philadelphia Semiconductor Index, known as the SOX, rose 6.86% to 10,033.93, after falling more than 12% the previous week. The iShares Semiconductor ETF rose 7.5% on the day. Broadcom’s rise was its best day since it announced a large deal with Google parent Alphabet last November, according to Dow Jones Market Data.

The wider market also rose strongly. The Dow Jones Industrial Average gained 1,104.02 points, or 2.15%, to close at 52,389.75. The S&P 500 rose 2.35% to 7,549.94, its biggest one-day gain since April, and the Nasdaq Composite climbed 2.74% to 25,253.14, its best day in more than four months. The Russell 2000 index of smaller companies rose about 3.2%.

Analysts linked the rebound to two factors: a steep fall in oil prices, which eased concerns about inflation, and bargain buying after last week’s sharp falls. Brent crude fell 5.8% to $92.57 a barrel on 9 November, after President Donald Trump played down the likelihood of fresh strikes on Iran. Lower oil prices can reduce pressure on household and business costs, and can make it easier for the Federal Reserve to keep interest rates lower.

Why chip stocks fell last week

Chip stocks had been at the centre of last week’s rout. Investors worried that Democratic gains in the midterm elections could slow AI investment and data-centre expansion, and questioned whether the pace of AI spending could be sustained. The S&P 500 had its worst week since April 2025, with technology stocks leading the decline.

On Monday, that mood reversed. Morgan Stanley and UBS were among the banks describing last week’s AI-stock sell-off as excessive, according to market reports. Investors also positioned themselves ahead of Tuesday’s October consumer price index (CPI) report, due at 8:30 a.m. Eastern Time on 10 November, which is expected to shape expectations for the Federal Reserve’s December interest-rate decision.

The rebound was not limited to the United States. In Asia on Tuesday, South Korea’s KOSPI rose more than 5% in early trading, led by Samsung Electronics and SK Hynix, while Japan’s Nikkei 225 gained about 3%. The gains showed how closely Asian chipmakers follow the overnight move in American semiconductor shares.

What to watch next

The next test for the sector comes from earnings and inflation data. CoreWeave, seen as a barometer of investor anxiety over AI spending, reports after the close on Tuesday, while the CPI report lands before the market opens. A softer-than-expected inflation reading could support the rebound; a stronger reading could revive concerns about interest rates.

Broadcom is due to report its fourth-quarter and full-year results on 9 December. For now, Monday’s session showed a clear split in the chip sector: most large chipmakers rose sharply as the market recovered, while Nvidia moved in the opposite direction on company-specific news about its chief executive.