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Major US chip stocks have remained higher on Wall Street on Thursday, 17 September, extending their recovery from a sharp sell-off earlier in the week. The extended rally was led by Intel, whose shares surged 10% to hit a day's high of $111 apiece, their highest level in more than two months. The gains were extended across the AI chip segment, with Marvell Technology rising for a third consecutive session and gaining another 8% to $248. Advanced Micro Devices (AMD) also extended its winning streak to a fourth day, rallying 7% to $547 and moving closer to its record high of $584. Other chip stocks, including Micron Technology and Sandisk, also advanced, gaining 6.5% and 7%, respectively. Nvidia also joined the rally with 3% surge and extends winning run to third day. The sustained rally comes after chip stocks and other AI-linked companies suffered heavy losses earlier this week following calls from AI industry leaders to slow the pace of frontier AI development. Anthropic CEO Dario Amodei had called for the industry to slow the development of advanced AI models, arguing that safety measures need time to catch up with the rapid pace of technological progress. OpenAI CEO Sam Altman subsequently backed the call for pacing frontier AI development. The comments initially raised concerns among investors about the potential impact on AI infrastructure spending, particularly as companies continue to invest billions of dollars in data centres, chips, and related infrastructure. However, the selling pressure eased in subsequent sessions as analysts maintained that the underlying growth drivers supporting AI infrastructure investment remained intact. MarketWatch cited D.A. Davidson analyst Gil Luria as saying that easing Treasury yields could also support data centre spending, which is sensitive to interest-rate expectations. The broader improvement in sentiment was also supported by a retreat in Treasury yields. The benchmark 10-year Treasury yield fell 2 basis points to 4.986%, while the 30-year Treasury yield declined 1 basis point to 5.333%. The two-year Treasury yield also slipped 1 basis point to 4.715%. The moves in the bond market came after the Federal Reserve raised its benchmark interest rate by 25 basis points on Wednesday. The Fed's latest projections pointed to one additional rate hike this year, while market pricing subsequently reduced expectations for further increases over the following 12 months. With the Fed decision now behind the market, investor attention is shifting back towards corporate earnings and the outlook for AI-related spending. The next major catalyst for AI stocks could come from developments around the planned IPOs of major private AI companies. Anthropic has continued to attract attention ahead of a potential public listing, while OpenAI CEO Sam Altman said the company would not go public in 2026, citing the need to focus on safety and alignment work. Disclaimer: We advise investors to check with certified experts before making any investment decisions. Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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