US Stock Market Move | Chip stocks broadly rise; Western Digital Corporation (WDC.US) gains over 3%.

On Wednesday, chip stocks broadly rose, with Intel Corporation (INTC.US) up nearly 5%, Advanced Micro Devices, Inc. (AMD.US) up nearly 4%, Western Digital Corporation (WDC.US) up over 3%, Seagate Technology Holdings PLC (STX.US) and SK Hynix (SKHY.US) up over 2%, and NVIDIA Corporation (NVDA.US), ASML Holding NV ADR (ASML.US), and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) up over 1%. On the news front, on Tuesday local time, Sumit Sadana, Senior Advisor to the CEO and former Executive Vice President and Chief Business Officer of Micron Technology, Inc., said that even as Micron is significantly increasing capital expenditure and advancing about 20 expansion projects globally, the current severe memory shortage is unlikely to ease in the short term. Sadana expects that truly meaningful new supply will not begin ramping up until 2028; as for when supply and demand will return to balance, Micron currently still "cannot see a clear timeline."