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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.