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Prime Minister Narendra Modi launched a charm offensive for global investors at India’s top chip-industry event, drawing pledges from US firms Applied Materials Inc. and Lam Research Corp. for billions of dollars in outlays.
Tim Archer, CEO of Lam Research, said that his company is investing over a billion dollars to stay ahead of AI buildout demand and the accelerating pace of AI innovation.
Global stocks experienced a boost as chipmakers rallied following strong earnings reports from Microsoft and Lam Research. Notable gains included Lam Research closing up 18%, Micron up 18%, Sandisk up 26%, Arm up 7%, AMD up 13%, and Intel up 11%.
US stocks rose on Thursday as Microsoft Corp. soared 17% after reporting the fastest cloud unit growth in four years. Strong earnings from Lam Research, Microsoft, and Arm boosted hard-hit semiconductor stocks, leading to significant gains for companies like Micron Technology and Nvidia Corp.