Nvidia, AMD, and Micron stocks lead chip sector higher following worst sell-off since 2020

Chip stocks rebounded on Friday after suffering their worst sell-off since 2020. The PHLX Semiconductor Index ( ^SOX ) bounced 4% following a 12% plunge on Thursday.

Shares of US chipmaker Intel ( INTC ) jumped nearly 6%, erasing part of their 10% slide in the prior session. AMD ( AMD ) also rebounded 9% after suffering a 17% fall. Nvidia ( NVDA ), which declined 9% in the prior session, jumped 4%.

Semiconductors bounced back after much of the AI trade was hammered on Thursday as investors digested what a Democratic win in Congress means for the data center build-out in the US.

Memory and storage names Sandisk ( SNDK ), Micron Technology ( MU ) and SK Hynix ( SKHY ) shares tumbled alongside Samsung Electronics ( 005930.K S ) following Thursday's wipeout on Wall Street.

Other notable movers rebounding on Friday include processor maker Qualcomm ( QCOM ) and chip designer Arm Holdings ( ARM ).