AMD on Monday became the fourth US chipmaker to exceed a $1 trillion market cap, as traders piled into AI-related stocks.
The semiconductor rally came as key AMD customer Meta’s Muse AI assistant claimed the top spot among free downloads on Apple’s app store; Meta’s stock surged more than 11%, with the Nasdaq notching its first record-high close since June.
Semiconductor firms drove a broad advance as soaring AI-fueled demand for memory rippled across the globe: South Korea’s chip exports largely drove the country’s record early September exports, vindicating the Bank of Korea’s back-to-back interest rate hikes and bolstering the case for further tightening.
