We recently published a list of 10 Stocks Bolstered by Broader Market Cheer. In this article, we are going to take a look at where MicroChip Technology Inc. (NASDAQ:MCHP) stands against other stocks that bolstered by broader market cheer.

The stock market bounced back from hefty losses on Wednesday, with all Wall Street indices finishing in the green territory after President Donald Trump announced that the US would pause the imposition of higher tariffs on 75 countries for 90 days.

In a post on Truth Social, Trump said that more than 75 countries have called to negotiate and have not retaliated in any way.

“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” he noted.

Following the announcement, the Dow Jones jumped by 7.87 percent, the S&P 500 surged by 9.52 percent, and the tech-heavy Nasdaq soared by 12.16 percent.

Indices aside, 10 companies led the charge, predominantly those with a high international trade exposure.

In this article, we listed Wednesday’s 10 best-performing stocks and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with $2 billion market capitalization and $5 million in trading volume.

A semiconductor wafer at various stages of fabrication, showing the company's range of expertise.

MicroChip Technology Inc. (NASDAQ:MCHP)

Microchip Technology saw its share prices rally by 27.05 percent on Wednesday to end at $44.90 apiece as investor sentiment was largely buoyed by the US decision to pause from raising tariffs on 75 countries, fueling hopes for higher demand for chips.

On Wednesday, President Donald Trump said he decided to pause “effective immediately” the imposition of higher tariffs on 75 countries that reached out for renegotiations.

However, he further increased the US taxes on Chinese goods to a whopping 125 percent.

MCHP is expected to benefit from the recent pause as it would help bolster demand for its products during the 90-day delay.

Headquartered in Chandler, Arizona, MCHP is a company engaged in supplying smart, connected, and secure embedded solutions to more than 125,000 customers across various industries.

Overall, MCHP ranks 3rd on our list of stocks that bolstered by broader market cheer. While we acknowledge the potential of MCHP as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than MCHP but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.