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Chipmakers attract Wall Street interest

by on01 July 2021

Micron and AMD doing well

Chipmakers and AMD are attracting the interest of Wall Street with Reddit’s r/WallStreetBets forum becoming obsessed with the pair.

Micron emerged as the most-discussed stock on the forum with 525 mentions and was followed by medical insurance technology company Clover Health with 495 mentions during the last 24 hours at press time, data from Quiver Quantitative showed.

AMD took the third spot with 414 mentions, while online personal finance company SoFi, the most-discussed stock yesterday, fell to the fourth place as it attracted only 362 mentions.

The other stocks that are trending on the forum include electric vehicle maker Workhorse, renewable natural gas company Clean Energy Fuels, e-commerce company ContextLogic, videogame retailer GameStop, exchange-traded fund SPDR S&P 500 ETF Trust and Chinese electric vehicle maker Nio.

All this means that Micron Technology and AMD are seeing higher interest from retail investors.  This might be because Micron Technology reported third-quarter earnings results that beat analysts’ estimates.

AMD is also riding high on the fact that Intel has postponed producing one of its newest chips in order to improve performance. The move is seen as creating an opportunity for AMD to gain market share.

Micron Technology shares closed almost 2.5 percent higher in Wednesday’s regular trading session at $84.98 but declined almost 2.3 percent in the after-hours session to $83.05.

Advanced Micro Devices shares closed 4.9 percent higher in the regular trading session at $93.93 and further rose almost 0.3 percent in the after-hours session to $94.18.

Last modified on 01 July 2021
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