US Stock Market Move | Chip stocks rebound collectively in pre-market trading after overselling; SanDisk (SNDK.US) rises over 9%.

On Friday, chip stocks rebounded collectively in pre-market trading after being oversold. SanDisk (SNDK.US) rose over 9%, while Western Digital Corporation (WDC.US), Seagate Technology Holdings PLC (STX.US), and Micron Technology, Inc. (MU.US) rose over 7%. SK Hynix (SKHY.US) gained 4%. Advanced Micro Devices, Inc. (AMD.US) rose over 7%, while Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) and ASML Holding NV ADR (ASML.US) rose over 6%. Broadcom Inc. (AVGO.US), Intel Corporation (INTC.US), and NVIDIA Corporation (NVDA.US) rose over 4%. On the news front, well-known tech investor and founder of Atreides Management Gavin Baker posted on social media on Thursday that Texas Governor-elect Gina Hinojosa has made it clear that all currently permitted Texas data centers will be allowed to complete construction. He believes this essentially covers all of 2027 capacity and very likely most of 2028 capacity.