Tech Stocks Rocket Higher on Chip Strength, Easing Oil and Iran Deal Hopes
Tech stocks surged on strong chip earnings and hopes of an Iran nuclear deal, with AMD shares rising 20% after the company reported $10.25 billion in Q1 revenue. The Nasdaq Composite is poised to build on its record-setting session, with the VIX near 18 indicating market ease.
Tech futures indicate a strong open, led by the Nasdaq Composite, which rose 1% following record performance. AMD shares jumped 20% after the company reported $10.25 billion in Q1 revenue, a 38% increase from last year. The chipmaker's Data Center division surged 57% to $5.78 billion. Intel also gained attention, rising 6% premarket, extending its 193% YTD run. Nvidia and Corning announced a long-term deal to expand domestic optical connectivity production. The direction of the market hinges on the Iran situation, with a confirmed deal potentially keeping energy costs depressed and boosting AI infrastructure plays.
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