Arm Holdings plc (NASDAQ: ARM) surged 15.1% on Wednesday after TD Cowen raised its price target to $265, naming the company's AGI-class CPU road map a secular demand inflection. The move anchored the broadest chip-sector rally in weeks: the PHLX Semiconductor ETF closed 4.7% higher at $520.31, the S&P 500 added 1.1% to 7,432.97, and the Nasdaq Composite advanced 1.5% to 26,270.36 as investors positioned ahead of Nvidia's first-quarter results, due after the close.
Arm Holdings surges 15% on AGI CPU upgrade; Intel and AMD lead chip sector recovery ahead of Nvidia earnings, SOXX +4.7%
Arm Holdings surged 15.1% after TD Cowen named its AGI CPU road map a secular demand inflection; AMD gained 8.1% and Intel jumped 7.4% as the semiconductors ETF SOXX posted a 4.7% session, its best in weeks, while markets awaited Nvidia's first-quarter results after the close.
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Today's biggest movers
| Ticker | Close | Day | 1mo | YTD |
|---|---|---|---|---|
| $ARM | $256.73 | +15.05% | +30.60% | +123.77% |
| $SMCI | $33.46 | +9.49% | +14.67% | +8.07% |
| $AMD | $447.58 | +8.10% | +47.49% | +100.29% |
| $INTC | $118.96 | +7.36% | +82.26% | +202.08% |
| $LRCX | $292.09 | +6.84% | +9.99% | +57.84% |
| $BIDU | $135.22 | -1.79% | +9.68% | -10.03% |
| $MDB | $329.14 | -1.66% | +22.11% | -17.64% |
| $SNOW | $166.97 | -1.52% | +7.33% | -22.95% |
| $DDOG | $212.24 | -1.35% | +60.62% | +58.66% |
Arm Holdings extends 2026 surge on AGI CPU upgrade
ARM has now more than doubled in calendar-year 2026, and Wednesday's 15.1% session adds the largest single-day gain in recent months. TD Cowen's revised $265 price target follows ARM's fiscal fourth-quarter 2026 earnings in early May, when the company posted non-GAAP EPS of $0.60, beating the $0.54 consensus by 11%. Analysts cited surging licensing demand from hyperscalers designing custom silicon around ARM's v9 and Neoverse architecture for large-scale inference, describing the dynamic as structural rather than cyclical. ARM closed at $256.73, up 123.8% year-to-date, with an intraday range of $226.54 to $259.44 reflecting the strength of Wednesday's conviction buying. The stock had already shown resilience in our May 19 recap, holding ground despite yield-driven headwinds across the broader market.
AMD climbs 8% as data-center momentum continues; Intel rides AI inference wave
Advanced Micro Devices Inc. (NASDAQ: AMD) added 8.1% to $447.58, pushing its year-to-date gain past 100% in one of the standout large-cap recoveries on the Nasdaq this year. The session extends momentum from AMD's May 5 first-quarter report: revenue of $10.3 billion, up 37.9% year-on-year, with data center sales of $5.8 billion up 57% year-on-year. Bernstein upgraded AMD to Outperform and raised its target to $525 after the print; Goldman Sachs moved to Buy with a $450 target. CEO Lisa Su's second-quarter guidance of approximately $11.2 billion cleared the $10.5 billion consensus. On May 20, Motley Fool framed AMD as having effectively doubled this year, raising valuation questions that have yet to dent the stock's upward trend.
Intel Corp. (NASDAQ: INTC) gained 7.4% to $118.96 for a year-to-date return of 202%, continuing what has become one of the more dramatic single-name reversals in 2026. Citigroup maintained a Buy rating and raised its price target from $95 to $130 on May 18, citing robust server CPU demand as enterprise and cloud operators scale AI inference infrastructure. The bank pointed to agentic AI deployments as a specific tailwind for Intel's Xeon roadmap. Intel reports next on July 22.
Super Micro rebounds 9.5% on Q3 earnings re-rating
Super Micro Computer Inc. (NASDAQ: SMCI) climbed 9.5% to $33.46, continuing a belated re-rating following third-quarter fiscal 2026 results reported on May 5. The stock had drifted sideways after reporting, but Wednesday's broad AI-infrastructure buying brought buyers back. Analyst consensus shows five buy-side and three sell-side ratings with an average 12-month price target of $37.13, reflecting genuine disagreement over how SMCI competes with Dell Technologies Inc. (NYSE: DELL) and Hewlett Packard Enterprise in AI rack servers. Year-to-date, SMCI is up 8.1%, lagging the rest of the chip group substantially.
ASML and Lam Research reverse last week's Samsung-driven selloff
ASML Holding N.V. (NASDAQ: ASML) jumped 6.2% to $1,550.13 after UBS reinstated the Dutch lithography equipment maker as its top pick in European semiconductors and raised its 12-month price target by 19% to EUR 1,900. UBS argued that AI chip supply constraints are tightening and that the resulting capex investment cycle could extend well into 2028, driving sustained EUV equipment orders. ASML reaffirmed full-year 2026 revenue guidance of EUR 36-40 billion.
Lam Research Corp. (NASDAQ: LRCX) added 6.8% to $292.09, partially reversing the 6.3% decline suffered on May 15 when Samsung Electronics strike fears rattled chip-equipment names. As covered in our May 15 recap, that selloff was sector-wide; with those concerns receding, Lam's strong fiscal third-quarter results, which beat on both revenue and EPS with above-consensus fourth-quarter guidance, are back in focus. Applied Materials Inc. (NASDAQ: AMAT) rose 4.9% to $426.85 on news of a chip-packaging collaboration with Broadcom Inc. (NASDAQ: AVGO) targeting next-generation AI system architecture.
Notable but quieter
CrowdStrike Holdings Inc. (NASDAQ: CRWD) gained 5.4% to $650.11, a new 52-week high, after Cantor Fitzgerald and KeyBanc both raised price targets to $700. Both banks cited strong channel partner momentum, with 57% of CrowdStrike partners running ahead of plan, and a new distribution agreement with SVA, one of Germany's largest IT integrators, deepening Falcon platform reach in European government accounts. NVIDIA Corp. (NASDAQ: NVDA) added a restrained 1.3% to $223.47; the measured move reflects cautious position sizing ahead of the company's first-quarter fiscal 2027 earnings, due after Wednesday's close. Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) rose 2.3% to $401.62, Palo Alto Networks Inc. (NASDAQ: PANW) gained 2.7% to $246.66, Tesla Inc. (NYSE: TSLA) advanced 3.3% to $417.26, and Dell Technologies added 3.3% to $242.93. Among the handful of decliners, Baidu Inc. (NASDAQ: BIDU) fell 1.8% to $135.22, MongoDB Inc. (NASDAQ: MDB) lost 1.7% to $329.14, Snowflake Inc. (NASDAQ: SNOW) retreated 1.5% to $166.97, and Datadog Inc. (NASDAQ: DDOG) dipped 1.4% to $212.24.
What to watch tomorrow
Nvidia's first-quarter fiscal 2027 results, released after Wednesday's bell, are the session's primary after-hours catalyst; consensus sits at EPS of $1.78 on revenue of $79.2 billion. The print will set the tone for the chip sector through the rest of the week and likely into the following Monday. AMD's next earnings call is scheduled for August 4, Intel's for July 22, and CrowdStrike's report is expected in early June. On the macro side, the April PCE price index publishes Friday and could recalibrate Federal Reserve rate-cut expectations for the second half of 2026.
Not investment advice.
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