Tech reporter Dan Howley checks out how chip stocks fared in the first three quarters of 2022.
Shares of e-commerce platform provider Shopify (NYSE: SHOP) rose as much as 3.2%, semiconductor specialist Nvidia (NASDAQ: NVDA) jumped as much as 3.7%, and streaming video pioneer Roku (NASDAQ: ROKU) surged as much as 4.3%. The latest report on manufacturing data provided investors with the excuse they were looking for to buy shares of beaten-down technology stocks. The Manufacturing Purchasing Managers Index (PMI) came in at 50.9%, down from 52.8% in August.
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.