Chip Stocks Jump On China Trade Talks, New Buy Ratings For Intel, AMD

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Chip stocks rallied Wednesday thanks to a spate of positive news, highlighted by chipmakers Advanced Micro Devices ( AMD ) and Intel ( INTC ), which both received fresh buy ratings from a Wall Street firm. "We view AMD as unique in having a solid position in both the x86 microprocessor and the stand-alone graphics processor unit (GPU) markets," Instinet analyst David Wong said in a note to clients. Intel held a media event Tuesday to discuss its latest innovations in systems for data centers. Other chip stocks posting big gains on Wednesday included STMicroelectronics ( STM ), up 5.6%; ON Semiconductor ( ON ), up 5.8%; and Micron Technology ( MU ), up 5%. Last week, ON Semiconductor announced a deal to buy Quantenna Communications ( QTNA ) to bolster its wireless chip portfolio.

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