Chip stocks rebound after their worst week in months

Chip and AI-linked stocks bounced back Monday after a sharp selloff. The Philadelphia Semiconductor Index had dropped more than 11% the previous week, Reuters reports, after a hot inflation reading raised bets on rate hikes. The Nasdaq closed up about 1.1%, the S&P 500 rose about 0.4% and the Dow slipped slightly. Memory makers including Micron, Western Digital and Sandisk were among the gainers.

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