Semiconductor shares moved higher in Tuesday trading, with SK hynix NASDAQ:SKHY and Micron Technology (MU) leading gains as investors continued to favor memory chip makers amid expectations that AI-related demand will remain strong.
SK hynix NASDAQ:SKHY climbed about 9%, extending momentum following its Nasdaq debut earlier this month. Micron Technology (MU) gained roughly 7%, adding to its strong 2026 performance as the company benefits from continued demand for high-bandwidth memory used in artificial intelligence systems.
The rally spread across storage companies, with Seagate Technology (STX) rising about 8%, Western Digital (WDC) advancing nearly 10%, and Sandisk (SNDK) adding about 9.5%. Chip designers also participated in the move, with Advanced Micro Devices NASDAQ:AMD up around 5.5% after expanding its AI collaboration with Microsoft (MSFT) and ahead of its Advancing AI 2026 event. Intel (INTC) climbed about 6% before its scheduled second-quarter earnings release later this week.
The broader semiconductor rally lifted the Philadelphia Semiconductor Index about 4%. Major U.S. benchmarks also traded higher, with the S&P 500 up about 0.6%, the Nasdaq Composite gaining around 1%, and the Dow Jones Industrial Average edging up roughly 0.4%.