Chip Stocks Rebound as SpaceX Prepares for Nasdaq Debut
Chip stocks have rebounded 3% in premarket trading, driven by upgrades and a Bank of America analyst's positive outlook. Meanwhile, SpaceX is set to begin trading on the Nasdaq on Friday, with Oppenheimer initiating coverage at Outperform and setting a $190 price target. The company's debut has sparked interest in both bullish and bearish investors, with a 2x Short SpaceX ETF also set to launch.
Key points
- SpaceX is set to begin trading on the Nasdaq on Friday at 9:30 AM ET.
- Chip stocks have rebounded 3% in premarket trading, driven by upgrades and a positive outlook.
- Oppenheimer has initiated coverage of SpaceX at Outperform with a $190 price target.
- A 2x Short SpaceX ETF will also launch, giving bearish investors a tool to express their view on the company's debut.
The tech industry is experiencing a mixed bag of news, with chip stocks rebounding 3% in premarket trading despite a brutal 10% semiconductor ETF selloff last Friday. The rebound is driven by upgrades and a positive outlook from analysts, with Intel surging 5% premarket on a Bank of America upgrade to Buy.
Meanwhile, SpaceX is preparing for its highly anticipated public debut on the Nasdaq. Oppenheimer has initiated coverage of the company at Outperform with a $190 price target, and a 2x Short SpaceX ETF will also launch, giving bearish investors a tool to express their view on the company's debut.
The company's AI infrastructure buildout is also a key focus, with Oracle planning to raise $40 billion to accelerate its efforts. The tech industry is watching closely as SpaceX prepares to join the ranks of publicly traded companies.
Sources
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