What drove the recovery
Semiconductor stocks led the rebound.
Intel rose 10.6% after President Donald Trump announced a partnership between Intel and Apple to design chips in the United States. Nvidia gained around 3%. Micron Technology climbed close to 9%. The iShares Semiconductor ETF (SOXX) jumped more than 6%.
Robert Conzo, chief executive officer at The Wealth Alliance, a New York-based wealth management firm, pointed to AI as the underlying driver.
“I think Apple-Intel was a little proxy for what you could see happening in the future,” Conzo said. He cited strong corporate earnings, a better-than-expected May jobs reading, and recent retail sales data as additional support for the recovery.
For advisors watching semiconductor concentration in client portfolios, Thursday’s move follows a volatile stretch. Semiconductor stocks suffered their steepest pullback in months just two days prior, on June 17, 2026.
