Micron, Intel lead chip recovery, adding nearly $250B as most of Wall Street falls: Chart of the Day

Last week, chip stocks helped drag Wall Street lower. Monday, they're lifting the indexes while most stocks keep falling.

A Yahoo Finance basket of 60 chip-related stocks is recovering nearly $250 billion in market value, with gains reaching across memory makers, chip designers, and equipment suppliers.

Micron ( MU ) and Intel ( INTC ) are each gaining over 2%, while Sandisk ( SNDK ) is up nearly 5%. AMD ( AMD ), Nvidia ( NVDA ), and Western Digital ( WDC ) are joining the rebound.

Nearly 90% of the stocks in the chip basket are higher. Across the S&P 500, roughly 70% are falling, according to Yahoo Finance calculations.

The equal-weight S&P 500 ETF ( RSP ) is lower even as the main index advances, showing how much the headline recovery depends on a relatively small group of winners.

Many of those buyers are returning to familiar territory.

Micron and Sandisk lost roughly 15% and 18%, respectively, last week, as memory stocks entered another bear market . Both helped power the spring rally from the March lows as hopes of a US-Iran ceasefire improved.

That earlier leadership is showing up beyond individual chip names. Among the S&P 500's 100 strongest performers from March 30 through June 2 — the first big leg higher after war headlines faded — 61 are rising Monday. Among the 100 weakest, 84 are falling.

Intel also has a fresh catalyst. JPMorgan upgraded it to Neutral from Underweight, citing opportunities tied to AI demand and chip scarcity, as Yahoo Finance's Brian Sozzi reports .

The rebound is getting a tougher reception elsewhere in AI.

CoreWeave ( CRWV ) has surrendered most of its premarket gains despite a Goldman Sachs upgrade to Buy . The cloud provider's financing needs were front and center in last week's selling.

Semiconductor stocks have also pulled back since the open. For chip bulls, the PHLX Semiconductor Index ( ^SOX ) would ideally close above 11,500 today and needs to hold the 11,000-11,100 area to avoid a larger washout.

Internal AI tools helped analyze interview transcripts, research, and draft this post. Humans reviewed, edited, and fact-checked this post before publication.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com .