Nvidia, AMD, Micron lead chip sector higher with AI, Japan in focus

Shares in Nvidia Corp, Advanced Micro Devices and Micron Technology on Thursday provided the biggest boosts to the chip sector, which outperformed the broader market as investors looked for ways to invest in artificial intelligence and in Japan.

Shares in chip design software company Synopsys shares ended up 8.7% after it forecast better-than-expected third-quarter profit estimates, saying increased use of AI and automation boosted its business.

Nvidia shares were up 5.0%, while the Philadelphia semiconductor index gained 3.2%.

Micron’s shares climbed 4.1% after announcing it would invest up to 500 billion yen ($3.70 billion) in extreme ultraviolet (EUV) technology in Japan in the next few years with Japanese government support.