Live Nasdaq Composite: Tech Propels Broader Markets Higher on Memory Stock Strength

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Buy the Chip Dip: JPMorgan

2 hours ago

Live

JPMorgan sees an opportunity in the chip stock dip, advising investors to treat the sector’s recent stumble as a buying opportunity. The bank’s thesis rests on two pillars: the AI-driven semiconductor cycle has not lost its footing, and the prospect of meaningful new supply hitting the market before 2028 remains remote, a combination that leaves the demand picture structurally supported well into the next few years.

This article will be updated throughout the day, so check back often for more daily updates. 

Markets are starting the week with a decidedly bullish posture, picking up where a strong week left off and carrying fresh record highs into today’s session. Nasdaq 100 futures are leading the charge, advancing 1.1%, while S&P 500 futures are adding 0.4% and Dow futures are holding just below the flatline as sentiment across the tech space shifts noticeably to the upside.

Tech stocks are wasting no time making their presence felt in early trade. The State Street Technology Select Sector SPDR ETF is climbing more than 1%, with Western Digital (NASDAQ:WDC) jumping 3% and Teradyne (NASDAQ:TER) surging 4% leading the way. Marvell Technology (NASDAQ:MRVL) and Oracle (NYSE:ORCL) are also posting gains of more than 3% and 2% respectively, signaling a tech sector that is reclaiming its footing after last week’s bout of volatility and heading into earnings season with renewed conviction.

Here’s a look at where things stand as of  pre-market trading:

Dow Jones Industrial Average: 53,087 Down 0.18%
Nasdaq Composite: 29,854 Up 1.01%
S&P 500: 7,554 Up 0.35%

Market Movers

Memory chip stocks are finding their footing in premarket trade after a chorus of analyst notes reframed last week’s selling as an opportunity. UBS projects the DRAM market will remain in short supply through at least 2028, and both Citi and Bank of America revised their outlooks higher on the strength of AI demand, collectively pushing back against any narrative that the sector’s best days are behind it.

Broadcom (NASDAQ:AVGO) and Apple (NASDAQ:AAPL) deepened their decades-long technology alliance, extending their collaboration through 2031 under new multi-year agreements covering Broadcom’s development and supply of custom ASIC silicon across several generations of Apple products.

Goldman Sachs raised its price target on Advanced Micro Devices (NASDAQ:AMD) to $640 from $450, holding its Buy rating as the chipmaker’s AI positioning continues to draw institutional conviction.

Morgan Stanley is making the case that the AI trade is quietly reshuffling its leadership. The firm sees chips losing their grip as the sector’s dominant force, with investors gravitating toward names that sat out much of the rally. Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Meta (NASDAQ:META) are now Morgan Stanley’s preferred AI plays, with the firm arguing their proven business models give them arsenal that pure-play semiconductor names struggle to match.

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