Big Tech stocks were on track to wrap a massive week on Friday, with shares of Oracle, Advanced Micro Devices and Microsoft set to post historic gains and benchmarks.
Oracle, up 32% week-to-date, is on track for its best week since October 1999. The company expanded an artificial intelligence data center power deal with Bloom Energy on Monday, contracting 1.2 gigawatts of capacity from Bloom. Oracle was issued a warrant to purchase $400 million of Bloom shares last week.
AMD is up 13% this week and hit an all-time high on Thursday, climbing over 40% during a run of 12-consecutive days of gains, its longest streak in over 20 years.
Microsoft is up more than 14% this week, pacing for its best week since April 2015. Microsoft’s rebound comes after the software giant wrapped its worst quarter since 2008 in March, where it lost almost a quarter of its value.
Tesla is also having a strong week, up 14% as CEO Elon Musk said Wednesday that the company hit a key milestone on its AI5 chip.
A flurry of announcements from Intel has boosted its stock as well this month. The chipmaker is up 55% in April, after a historic nine-day run driven by partnerships with Google and Elon Musk’s companies.
Broadcom, Micron, Marvell and ON Semiconductor are also up around 30% so far in April.
TheiShares Expanded Tech-Software ETF (IGV)is up about 15% week-to-date, pacing for its best week since October 2001. Anything better than 15.5% would mark its best week ever.
The software sector has had a rough year due to AI disruption fears. Hopes for a lasting peace deal between the U.S. and Iran have fueled the sector’s recent rebound.
So far this year, the IGV is down about 20%.
iShares Expanded Tech-Software ETF (IGV) week-to-date.
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