Chip stocks gain after Fed Chair Powell's speech at Jackson Hole

[Computer chip mockup on blue circuit board with electronic components, microprocessor, technology background, close-up, high-tech integrated circuits, digital, futuristic, ai hardware]
Pavel Muravev

Chip stocks were in the green on Friday after Federal Reserve Chair Jerome Powell signaled the Fed will potentially cut rates in September if data warrants.

Powell delivered the key speech [https://seekingalpha.com/news/4488346-shifting-risks-may-warrant-rate-adjustment-fed-chair-powell-says-at-jackson-hole] at a central banking symposium in Jackson Hole, Wyoming. It is likely Powell’s last time addressing the marquee event, with his term as Fed chair ending in May.

AI chipmakers Nvidia (NASDAQ:NVDA [https://seekingalpha.com/symbol/NVDA]) and Advanced Micro Devices (NASDAQ:AMD [https://seekingalpha.com/symbol/AMD]) rose around 2% each on Friday. Broadcom (AVGO [https://seekingalpha.com/symbol/AVGO]) and Qualcomm (QCOM [https://seekingalpha.com/symbol/QCOM]) jumped roughly 3% each.

Shares of NXP Semiconductors (NXPI [https://seekingalpha.com/symbol/NXPI]), Lattice Semiconductor (LSCC [https://seekingalpha.com/symbol/LSCC]), GlobalFoundries (GFS [https://seekingalpha.com/symbol/GFS]), and STMicroelectronics (STM [https://seekingalpha.com/symbol/STM]) surged about 5% each. Texas Instruments (TXN [https://seekingalpha.com/symbol/TXN]) and Intel (INTC [https://seekingalpha.com/symbol/INTC]) jumped nearly 4% each, while Micron Technology (MU [https://seekingalpha.com/symbol/MU]) and Marvell Technology (MRVL [https://seekingalpha.com/symbol/MRVL]) each climbed about 3%. Taiwan Semiconductor Manufacturing (TSM [https://seekingalpha.com/symbol/TSM]) rose nearly 2%.

Meanwhile, chip equipment makers: Applied Materials (AMAT [https://seekingalpha.com/symbol/AMAT]), Lam Research (LRCX [https://seekingalpha.com/symbol/LRCX]) and Dutch company ASML (ASML [https://seekingalpha.com/symbol/ASML]) each climbed nearly 3%, while KLA (KLAC [https://seekingalpha.com/symbol/KLAC]) rose about 2%.

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