Semiconductor Stocks Surge! Marvell, SanDisk, and SK Hynix ADR Lead the Charge

Semiconductor stocks made a strong rebound on Tuesday (April 4), with the Philadelphia Semiconductor Index surging over 6% during trading, becoming a key force boosting U.S. equities and helping the S&P 500 reach a new high. Markets are optimistic about artificial intelligence (AI) driving demand for memory and storage, while also positioning ahead of Advanced Micro Devices (AMD-US)’s after-market earnings release.

Memory and storage stocks led the gains. Micron (MU-US) and SK Hynix ADR (SKHY-US) surged about 8%, SanDisk (SNDK-US) jumped over 10%, and networking chipmaker Marvell (MRVL-US) skyrocketed nearly 13%.

Other major chipmakers also rose. AMD gained around 10% before its earnings release, Intel (INTC-US) surged over 10%, Broadcom (AVGO-US) climbed over 6%, and AI chip leader NVIDIA (NVDA-US) rose 2.56%.

One catalyst for this rally was the 2026 Flash Memory Summit held in California.

At the event, Marvell unveiled a series of AI-optimized memory and storage infrastructure products designed to meet the rapidly growing computational and data processing demands of agent-based AI inference, further fueling market expectations for the related supply chain.

Beyond new product announcements, AMD’s earnings report is a key market focus. The company is scheduled to release its quarterly results after the U.S. market close on Tuesday, and investors are betting the financial results and outlook could trigger significant stock volatility.

JJ Kinahan, Senior Vice President at the Chicago Board Options Exchange (Cboe), noted that AMD has historically been highly accurate with its financial forecasts, with the past 12 earnings reports typically missing or beating expectations by less than one cent per share. However, even when results meet expectations, AMD’s stock has declined after more than half of its past earnings announcements, indicating high investor expectations this time.

The semiconductor rally on Tuesday helped both the S&P 500 and the Dow Jones Industrial Average reach record highs. Yet, this rebound followed a sharp correction. Last month, semiconductor stocks entered a technical bear market, falling over 20% from their peak, amid concerns over returns on capital spending as major cloud providers heavily invested in AI.

Rapid advancements in China’s AI technology have also weighed on market sentiment. Chinese firms are developing AI models at lower costs, leading investors to question whether U.S. tech giants’ massive investments in data centers and chip procurement will yield returns sufficient to justify their valuations.