Tech stocks live: Chip stocks recover from last week's losses on Google, AMD news

Chip stocks recovered Monday, with the Philadelphia Semiconductor index climbing more than 2.6%, after last week's rout sent them into a bear market. AMD rose on news of a deal with Microsoft to deploy its Helios rackscale AI computing platform later this year, while Google climbed about 2.5% after The Information reported it is working on a new chip called Frozen v2 to power its Gemini AI services.

Tech stocks live: Chip stocks recover from last week's losses on Google, AMD news 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 https://finance.yahoo.com/quote/%5ESOX/ climbed more than 2.6% by midday. AMD AMD https://finance.yahoo.com/quote/AMD/ stock also rose on news it signed a deal with Microsoft MSFT https://finance.yahoo.com/quote/MSFT/ to deploy its Helios rackscale AI computing platform laster this year. Helios is designed to go head-to-head with Nvidia's NVDA https://finance.yahoo.com/quote/NVDA/ popular NVL72 rack systems and stands as AMD's first true competitor to the market-leading powerhouse. Elsewhere, Google GOOG https://finance.yahoo.com/quote/GOOG/ , GOOGL https://finance.yahoo.com/quote/GOOGL/ stock climbed roughly 2.5% after The Information reported https://www.theinformation.com/articles/google-plans-new-frozen-chip-run-ai-models-efficiently?rc=ongkfp 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 https://finance.yahoo.com/quote/INTC/ following Thursday, providing Wall Street with an updated look at both data center investing among hyperscalers and chip demand from semiconductor companies.