This article first appeared on GuruFocus.
Oct 24 – Intel (NASDAQ:INTC) led a rally in chip names after its third-quarter results and guidance came in ahead of expectations.
Analysts said demand in servers and an early PC-refresh cycle helped the beat. Jefferies’ Blayne Curtis said results and guidance looked a bit stronger after adjusting for moving parts, while Morgan Stanley’s Joseph Moore urged caution, suggesting some upside reflected conservative assumptions. Bank of America’s Vivek Arya flagged the foundry business as a potential weak spot.
Investors pushed several chipmakers higher: Intel (NASDAQ:INTC), Taiwan Semiconductor Manufacturing (NYSE:TSM) and Marvell Technology (NASDAQ:MRVL) each rose about 2%. Advanced Micro Devices (NASDAQ:AMD) surged about 6%, while Nvidia (NASDAQ:NVDA) gained about 1%. IBM (NYSE:IBM) jumped about 4%.
Some analog and legacy names were softer, Analog Devices (ADI), Texas Instruments (NASDAQ:TXN) and STMicroelectronics (STM) each slipped about 1%. Broadcom (NASDAQ:AVGO) climbed about 3%, while Qualcomm (QCOM) was largely flat.
Chip-equipment makers saw gains, with Lam Research (NASDAQ:LRCX) up about 3% and KLA (KLAC) up about 2%; ASML (ASML) and Applied Materials (AMAT) were slightly higher.
The moves suggest investors are rewarding better-than-expected guidance but remain selective, balancing renewed demand hopes against persistent execution risks.