TLDR
Intel stock gained about 4% in premarket trading after JPMorgan upgraded the chipmaker to Neutral.
JPMorgan maintained its $85 price target after Intel shares fell 36% from their June peak.
AMD and Micron gained around 3% each as investors returned to semiconductor stocks.
CoreWeave rebounded following a Goldman Sachs upgrade despite continued concerns over its borrowing costs.
Meta and Tesla earnings will give investors new information about technology spending and business performance.
Intel ( INTC ) stock rose about 4% in Monday’s premarket session after JPMorgan upgraded the chipmaker, leading a technology rebound after last week’s selloff. AMD and Micron gained 3% each.
Intel Corp., INTC
Intel Stock Rises After JPMorgan Rating Upgrade
JPMorgan analyst Harlan Sur raised Intel to Neutral from Underweight but kept his $85 target. Intel stock had fallen 36% from its June peak, bringing the price closer to that target.
Sur cited better execution under Chief Executive Lip-Bu Tan, rising demand for AI-related processors and limited supplies of advanced chips. He still expects further losses in Intel’s server market share.
Other semiconductor shares also recovered. Nvidia shares slipped last week despite its new AI model offerings. Monday’s buying followed heavy losses across chipmakers.
The Nasdaq fell 4.5% last week, while the information technology sector lost more than 6%. Goldman Sachs said hedge funds sold technology stocks by the largest percentage on record.
Nasdaq and S&P Futures Recover From Selloff
Nasdaq-100 futures advanced 1.3% before Monday’s opening, while S&P 500 futures gained 0.5%. Dow futures fell 0.2%, leaving the rebound concentrated in technology rather than the broader market.
CoreWeave rose about 6% before the open after Goldman Sachs upgraded its shares. The company fell roughly 25% last week as investors questioned its financing costs. Recent reporting on CoreWeave’s debt tracked bond yields near 15%.
Goldman maintained that CoreWeave could finance its expansion, although it lowered its price target. The company has borrowed heavily to build AI data centers, making interest rates an important cost.
Technical levels offered another test for the rally. Nasdaq-100 December futures faced a 50-day average near 30,175, while S&P 500 futures met resistance around 7,775. Both markets retained downward trends on their daily charts.
AI Earnings Put Technology Rebound to Test
Amazon advanced after Morgan Stanley raised its target to $350 and named the retailer a top pick. Datadog also gained on a Bernstein upgrade, while Cleveland-Cliffs rose after better-than-expected quarterly results.
Meta and Tesla will report quarterly earnings later this week. Ahead of its results, Meta’s third-quarter revenue outlook called for $61 billion to $64 billion, drawing attention to advertising sales and spending on AI.
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