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Global chipmakers rally on Micron's upbeat results, Huawei shipments


Added 06-26-19 11:03:02am EST - “Shares of chipmakers rose on Wednesday after Micron Technology Inc forecast a re...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Global chipmakers rally on Micron's upbeat results, Huawei shipments”. Below is an excerpt from the article.

(Reuters) - Shares of chipmakers rose on Wednesday after Micron Technology Inc forecast a recovery in chip demand in the second half of the year, easing concerns that rising trade tensions would exacerbate a slump in the sector.

The company also said it had resumed some shipments to Huawei Technologies after reviewing a U.S. ban on selling products to the Chinese smartphone maker.

The ban and an escalation in the trade war between the United States and China have threatened growth in a sector that is already grappling with oversupply.

But Micron’s upbeat results and positive commentary on the demand outlook provided some hope, sparking a rally in beaten down shares of chipmakers.

Micron shares were up 10%, while those of Nvidia Corp, Intel Corp, Xilinx Inc and Advanced Micro Devices rose between 2% and 6%. Lam Research and Applied Materials also gained.

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