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Semiconductor stocks were largely in the green on Tuesday with Intel (NASDAQ:INTC) leading the charge, rising approximately 5%after the company secured a $3.2 billion grant from the Israeli government for a new $25 billion chip facility it plans to establish.
Share from AMD (amd), NVIDIA (NVDA) Qualcomm (QCOM), Texas Instruments (TXN), NXP Semiconductors (NXPI), AT Semiconductor (IN), ELK (CLUTCH), ASML (ASML), Global Foundries (SGF) and Broadcom (AVGO) were awake 1%while Applied Materials (ENORMOUS), Lam Research (LRCX) had risen around 2% in sympathy.
Intel confirmed in an email to Looking Alpha that the Israeli government has agreed to give the company a $3.2 billion grant for the expansion of its Kiryat Gat site in Israel.
Micron technology (NASDAQ:MU) was also trading in the green following a report that the company settled an intellectual property theft lawsuit with a state-backed Chinese competitor, Fujian Jinhua Integrated Circuit.
“Each of the companies will comprehensively dismiss their complaints against the other party and end all lawsuits between them,” Micron said in a statement emailed to Seeking Alpha.
The move could help the American company's efforts to improve relations with China. Last month, China's commerce minister indicated the country was open to Micron expanding its presence in the world's second-largest economy.
Meanwhile, Samsung (OTCPK:SSNLF) has reportedly delayed mass production plans for its new $17 billion chip facility in Taylor, Texas, to 2025 from the previous schedule of the second half of 2024.
Samsung's biggest competitor, Taiwan Semiconductor (TSM), has already delayed the start of production at its Arizona plant to 2025 from 2024, in part due to insufficient numbers of skilled workers.
