Chip stocks recovered some of their losses Monday after last week's rout sent them into a bear market. Shares of the Philadelphia Semiconductor index (^SOX) climbed more than 2.6% by midday.
AMD (AMD) stock also rose on news it signed a deal with Microsoft (MSFT) to deploy its Helios rackscale AI computing platform laster this year. Helios is designed to go head-to-head with Nvidia's (NVDA) popular NVL72 rack systems and stands as AMD's first true competitor to the market-leading powerhouse.
Elsewhere, Google (GOOG, GOOGL) stock climbed roughly 2.5% after The Information reported that the company is working on a new kind of chip to power its Gemini AI services called Frozen v2. The processor would include bits of Gemini built directly into the chip, which could help speed up performance versus.
Google will report its second quarter earnings on Wednesday, with Intel (INTC) following Thursday, providing Wall Street with an updated look at both data center investing among hyperscalers and chip demand from semiconductor companies.