Micron Technology NASDAQ:MU led a broad semiconductor and optical stock rally Thursday as rising U.S. factory investment helped investors look past the sector's recent sell-off.
Micron jumped 8% after raising its planned U.S. manufacturing and technology investment to more than $250 billion through 2035, up from $200 billion. Broadcom NASDAQ:AVGO gained 4% after announcing an Apple partnership expected to exceed $30 billion and produce more than 15 billion U.S.-made chips.
Micron makes memory and storage products used in smartphones, computers, data centers and AI systems. Broadcom, AMD NASDAQ:AMD and Marvell supply chips and connectivity technology that help power cloud infrastructure and advanced computing.
Sandisk surged 11% after Wedbush lifted its quarterly revenue estimate to $8.89 billion from $8 billion and adjusted EPS forecast to $37.64 from $32.01. AMD climbed nearly 6%, Marvell rose 7%, while Lumentum jumped 12% as optical networking stocks joined the rebound.