AVGO, QCOM, and MU are looking to rebound
The semiconductor sector has pulled back since this year's artificial intelligence (AI) buzz pushed key players to record highs. This correction comes on the heels of Nvidia's (NVDA) earnings report, with the company now reportedly coming under antitrust scrutiny from the Department of Justice (DOJ). Nvidia also erased $279 billion in value yesterday -- the biggest single-day market capitalization loss in Wall Street history.
Chip stocks are looking to rebound, though. Below let's check in with Broadcom Inc (NASDAQ:AVGO), Micron Technology Inc (NASDAQ:MU), as well as Qualcomm Inc (NASDAQ:QCOM) to see how they are all faring amid the onslaught of sector headlines.
AVGO was last seen up 1.1% at $154.46, bouncing off its 100-day moving average after pulling back from its June 18, all-time peak of $185.16. While the $175 level emerged as a ceiling, turning down rallies in July and August, the stock sports a 38.1% year-to-date lead.
QCOM is running into resistance at the $175 level as well, despite being up 2.8% to trade at $167.76 at last check. The 20-day moving average has been guiding the equity lower since July, but it still sports a 43.1% year-over-year lead after its June 17 record high of $230.63.
MU is up 1.3% to trade at $89.71 at last glance, after a familiar floor at $85 contained its latest pullback. The shares are a ways away from their June 18, record high of $157.52, and sport a slim 5% lead for the year while also carrying a 31.9% quarter-to-date deficit.