Nasdaq rises as AI and semiconductor stocks recover ahead of earnings

Chipmakers bounced back from their longest losing streak since October 2008, but questions about AI spending still hang over the sector The Nasdaq Composite climbed 1.11% on Oct. 19, adding 290.85 points to close at 26,430.89. The Philadelphia Semiconductor Index rose about 1.6% to 2% on the session. That gain matters because of what came before it. The index had dropped 15.7% over eight straight trading days, its longest losing streak since October 2008. Intel gained 2.4% after J.P. Morgan upgraded the stock to “neutral” from “underweight.” CoreWeave told a different story. The stock rallied early in the session but faded, finishing down 0.4%. Taiwan Semiconductor Manufacturing Co. reported third-quarter revenue of $46.7 billion.

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