Key Notes
- Sandisk rose about 11% and Marvell about 10% in a 9:20 am Eastern premarket snapshot after Thursday’s chip-stock rout.
- The semiconductor index gained about 3% in early regular trading, although several stocks surrendered part of their premarket advances.
- Construction restrictions and financing concerns remain in focus even as recent earnings show strong demand for AI equipment.
U.S.-listed chip stocks surged before Friday’s opening bell as buyers returned to an industry battered by the post-election selloff. Sandisk (Nasdaq: SNDK) and Marvell Technology (Nasdaq: MRVL) led the rebound, with gains of roughly 11% and 10% in a late premarket snapshot. Processor and memory suppliers also recovered ground.
The buying followed a Thursday rout that sent the Philadelphia Semiconductor Index down 12.2%. Investors had been reassessing how restrictions on new data centers could affect the demand for processors, memory and storage—and the financing needed to put that equipment to work.
The recovery extended into regular trading. By about 10:40 a.m. Eastern, the semiconductor index was up 3.3%, though several storage and networking shares had retreated from their premarket levels.
Sandisk and Marvell Lead the Premarket Gains
The following premarket prices are from 9:20 a.m. Eastern, or 14:20 UTC, on November 6. Percentage changes are calculated against Thursday’s regular-session closing prices:
- Sandisk (Nasdaq: SNDK): up 10.9% to $894.61.
- Marvell Technology (Nasdaq: MRVL): up 9.6% to $146.37.
- Micron Technology (Nasdaq: MU): up 7.1% to $703.24.
- Advanced Micro Devices (Nasdaq: AMD): up 9.5% to $442.72.
- Arm Holdings (Nasdaq: ARM): up 8.5% to $180.90.
- Intel (Nasdaq: INTC): up 6.3% to $55.55.
- Super Micro Computer (Nasdaq: SMCI): up 6.2% to $28.75.
- Nvidia (Nasdaq: NVDA): up 4.6% to $189.95.
- Broadcom (Nasdaq: AVGO): up 6.3% to $309.94.
- Qualcomm (Nasdaq: QCOM): up 3.4% to $162.08.
The list spans several parts of the AI supply chain. Memory and storage suppliers rallied alongside processor designers, while Supermicro, a server manufacturer, joined the advance. Arm is based in Britain and trades in the United States through depositary shares, making this a rebound in U.S.-listed securities rather than an exclusively American manufacturing story.
Before the open, the iShares Semiconductor ETF, which trades as SOXX, gained about 6% to $139.86 at the same snapshot. It offered another sign that the buying extended beyond a single company’s news.
Some Early Gains Fade After the Opening Bell
Quotes around 10:40 a.m. Eastern, or 15:40 UTC, showed AMD up 8.8%, Intel ahead 5.8% and Supermicro gaining 5.6%. Qualcomm rose 4.5%, while Sandisk and Micron were up about 4.4% and 4.1%, respectively.
Nvidia was 3.9% higher at $188.75. Marvell’s gain had narrowed to 3.2%, Arm was up 3.5% and Broadcom added 1.7%. These are intraday readings, rather than Friday’s closing results.
The retreat from some premarket levels left a mixed picture within the recovery. AMD held much of its early advance, while Sandisk and Marvell surrendered more than half of their percentage gains. SOXX was up about 2.5% at $135.18.
Even the larger rebounds recovered only part of Thursday’s damage. Sandisk had closed Wednesday at $1,037.40 before falling to $806.43 on Thursday. Its $894.61 premarket price on Friday was still almost 14% below Wednesday’s close. Nvidia’s premarket price remained about 5% below its Wednesday finish.
The Election Fallout Reaches the AI Supply Chain
Thursday’s market rout was particularly severe in companies tied to the AI investment cycle. The Nasdaq Composite fell 5.52%, while the Nasdaq 100 lost 6.36%.
Democratic victories in Congress and key state races have intensified attention on the industry’s power needs, water use and local development approvals. Voter-backed construction restrictions add to uncertainty over when planned facilities will become operational.
A change in congressional control does not itself stop construction nationwide. The concern for suppliers is more specific: delayed permits, power connections or financing can push equipment deliveries and customer revenue into later quarters.
The credit market is part of that calculation. ING Groep (NYSE: ING) is reportedly seeking buyers for a $500 million portfolio of data-center loans, including a position linked to Stargate in New Mexico. That is a proposed loan sale, not a reported default, but it shows the scrutiny extending beyond technology shares.
Earnings Growth Still Offers Buyers a Reason to Return
Recent results show why investors have not abandoned the industry’s growth prospects. AMD reported third-quarter revenue of $13.38 billion, up 45%, with data-center sales rising 97% to $8.55 billion. It forecast about $17 billion in fourth-quarter revenue.
Supermicro has also raised its outlook, projecting fiscal 2027 sales of $72 billion to $82 billion after preliminary first-quarter revenue of $19.9 billion. Its results point to large orders for AI servers, although operating cash flow was negative during the quarter.
Strong sales have not insulated the stocks from investors’ doubts about the next stage of AI spending. AMD’s $439.90 price around 10:40 a.m. was still 10% below its $488.78 Wednesday close, despite Friday’s 8.8% advance.
