Why did Micron stock go up today? Investors flock back into Nvidia, chips
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Micron Technology (NASDAQ:MU) shares rose more than 5.5% on Monday as investors rushed back into chip stocks, after the recent sell-off.
Investment firm Morgan Stanley said now is a good time for investors to get into Nvidia (NVDA), the largest semiconductor company by market, following the recent decline in the stock over the past week and month.
“We think the recent selloff is a good entry point, as despite supply constraints, we still expect a meaningful beat and raise quarter – and, more importantly, strong visibility over the next 3-4 quarters,” analyst Joseph Moore wrote in an investor note, adding that Nvidia (NVDA) is the firm’s top pick in the semiconductor space.
Nvidia (NVDA) shares lost more than 9% last week and are down roughly 8% over the past month.
Other semiconductor stocks also saw strong gains on Monday, including AMD (AMD), ON Semiconductor (ON) and Broadcom (AVGO), among others.
