Marvell Technology surged 14% Tuesday after unveiling new AI memory products, leading a broad semiconductor rally that pushed the S&P 500 and Dow Jones toward record closes. Micron, SK Hynix, Intel and Nvidia also advanced as investors awaited AMD's quarterly earnings, due after the market close.
Marvell Technology surged 14% on Tuesday after unveiling new AI-focused memory and storage products, leading a broad semiconductor rally that pushed the S&P 500 toward a record close.
Chipmakers lead the charge
Micron Technology and SK Hynix, US-listed, jumped 8% and 6%, respectively, as memory and storage names paced the advance. Intel climbed 10%. AMD jumped 7% ahead of its quarterly results. Nvidia gained nearly 2%.
The PHLX Semiconductor Index surged over 6%. The S&P 500 and Dow Jones Industrial Average both headed toward record closes.
Marvell unveils new AI memory hardware
Marvell introduced the products at the Flash Memory Summit 2026 in Santa Clara, California, aimed at the memory, bandwidth and data-movement needs of agentic AI inference. The lineup includes the Bravera SC6 PCIe 6.0 SSD controller, Structera X memory-expansion products and Photonic Fabric technology for sharing memory across AI racks. Marvell said its optical memory system can support up to 32 terabytes of shared memory and deliver up to three times higher token throughput within existing data-center power and space limits.
Investors brace for AMD earnings
AMD reports second-quarter results after Tuesday's close, with an earnings call set for 5 p.m. Eastern Time. According to Yahoo Finance, Cboe senior vice president JJ Kinahan said "this is a company that tends to be so good at guiding the Street.". He added that AMD has landed within a penny of its own guidance in each of its last 12 earnings reports, though shares fell more than half the time afterward.
The chip-heavy fund had fallen more than 20% from its June high over the past month. That slump followed concerns about hyperscalers' AI spending and stiffening competition from China.
Sources: Yahoo Finance, Crypto Briefing
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