Incumbent chip maker Intel (NASDAQ: INTC), a banner victim of this year's tech stock sell-off, had an unusually good Monday. The company's shares rose by almost 5% on the day, due in part to a general rebound of tech titles generally and chip makers specifically, and partly due to a looming divestment. After market hours on Friday, Intel's assisted- and autonomous-driving tech unit Mobileye filed a prospectus for an initial public offering (IPO).
Shares of Advanced Micro Devices (NASDAQ: AMD) were rallying on Monday, up 4.3% as of 2:09 p.m. EDT. There wasn't too much company-specific news on AMD, although Bank of America analyst Vivek Arya did reiterate his buy rating on the chipmaker and several other cloud-related semiconductor stocks. Today, the beaten-down semiconductor sector was rising across the board, as investors seem to be buying the very big dip in chipmakers and other technology names that have seen significant declines year to date.
The semiconductor industry has experienced shortages and rapid increases in demand amid the explosion of new tech applications. Current CEO Pat Gelsinger seeks to get Intel back on top with initiatives to retake the technical lead and invest heavily in new foundries. Despite the focus on the likes of Nvidia and AMD, Intel remains an industry behemoth.