The Direxion Daily Semiconductors Bull 3x Shares (SOXL) surged 5.03% in the pre-market trading session on Monday. This soar was driven by a broad rally in semiconductor stocks ahead of the Consumer Electronics Show (CES) this week.
Leading the semiconductor rally were several key players in the industry: - ASML, a major supplier of chipmaking equipment, rose 4.4% - Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker, jumped 3% on news of its progress in developing 2nm chips - AMD and Micron both gained around 2% - Nvidia rose 1.2% and Broadcom climbed 0.9%
The semiconductor sector appears to be benefiting from strong demand and optimism around new product launches expected at CES. TSMC's advances in cutting-edge 2nm chip technology also fueled positive sentiment in the industry.
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