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Semiconductor stocks were largely in the green on Tuesday with Intel (NASDAQ:INTC) leading the charge, rising about 5%, after the company secured a $3.2B grant from the Israeli government for a new $25B chip facility it plans to set up.
Shares of AMD (AMD), Nvidia (NVDA) Qualcomm (QCOM), Texas Instruments (TXN), NXP Semiconductors (NXPI), ON Semiconductor (ON), KLA (KLAC), ASML (ASML), GlobalFoundries (GFS), and Broadcom (AVGO) were up about 1%, while Applied Materials (AMAT), Lam Research (LRCX) had risen around 2% in sympathy.
Intel confirmed in an email to Seeking Alpha that the Israeli government agreed to give the company a $3.2B grant for the expansion of its Kiryat Gat site in Israel.
Micron Technology (NASDAQ:MU) was also trading in the green following report that the company settled an intellectual property theft lawsuit with a state-backed Chinese competitor Fujian Jinhua Integrated Circuit.
“The companies will each globally dismiss their complaints against the other party and end all lawsuits between them,” Micron said in an emailed statement to Seeking Alpha.
The move could help the U.S. company’s efforts to mend relations with China. Last month, China’s commerce minister indicated that the country was open to Micron expanding its presence in the world’s second largest economy.
Meanwhile, Samsung (OTCPK:SSNLF) reportedly, has delayed the mass production plans for its $17B new chip facility in Taylor, Texas, to 2025 from the prior schedule of second half of 2024.
Samsung’s bigger competitor Taiwan Semiconductor (TSM) has already pushed back the start of production at its Arizona plant to 2025 from 2024, in part due to insufficient amount of skilled workers.
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