Chip Stocks Jump. SOXL up 4%; Arm, Marvell up Around 3%; Qualcomm, ASML, Broadcom up Around 2%

Tiger Newspress01-31 23:01

Chip stocks jumped on Friday. SOXL up 4%; Arm Holdings, Marvell up around 3%; Qualcomm, ASML, Broadcom up around 2%.

President Donald Trump will meet with Nvidia Corp. chief executive Jensen Huang at the White House on Friday, according to people familiar, days after a new Chinese AI model from DeepSeek sparked concern among technology industry leaders and tanked the US stock market.

The meeting is the latest sign of Trump’s growing commitment to the rapidly evolving sphere of AI technology and comes at the end of a rocky week for the world’s leading chipmaker. Plans for the meeting were shared by people familiar on condition of anonymity.

Intel Corp. stock fell slightly. Intel reported better-than-projected fourth-quarter revenue, while the semiconductor maker cautioned that its push to become more competitive is still a work in progress.

While the $14.3 billion in fourth-quarter sales beat estimates, part of that was from customers in Asia ordering ahead of possible US tariffs, executives said. First-quarter sales will fall short of analysts’ projections because of weaker demand and market share loss to rivals.

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