June 16 — Shares of Palantir Technologies (PLTR, Financial) and Advanced Micro Devices (AMD, Financial) surged on Monday, leading a broad rebound across the tech sector as investors looked past recent Middle East tensions.
Palantir rose about 4%, while AMD jumped more than 8%, after the chipmaker reiterated its AI strategy during a presentation last week, emphasizing its growing role in AI inferencing.
The Philadelphia Semiconductor Index climbed nearly 3%, while the iShares Expanded Tech-Software ETF added 1%.
Semiconductor stocks traded mostly higher. Taiwan Semiconductor Manufacturing (TSM, Financial) gained 3%, while Nvidia (NVDA), Micron Technology (MU, Financial), and Monolithic Power Systems (MPWR, Financial) added 1.8%, 3.8%, and 5.5%, respectively. Qualcomm (QCOM, Financial) and Texas Instruments (TXN, Financial) each rose 2%, and Broadcom (AVGO, Financial) edged 0.9% higher.
Software and cloud firms also posted early gains. Microsoft (MSFT) rose 1.1%, Salesforce (CRM) added 1.6%, Autodesk (ADSK) was up 1.6%, and Atlassian (TEAM, Financial) rose 2.5%. monday.com (MNDY) advanced 3.5%.
CoreWeave (CRWV) jumped 3.8% following recent AI infrastructure momentum. Amazon (AMZN) and Alphabet (GOOGL, Financial) edged higher, while Oracle (ORCL) slipped 1.3%.
U.S. indices opened higher as investors appeared to downplay geopolitical risk. Market sentiment improved after reports suggested Iran was engaging in diplomatic talks to ease tensions with Israel and the U.S., following last week's exchange of missile strikes.
