Stock Track | SMIC Soars 5.01% Intraday as Chip Sector Rebounds on Easing Computing Power Overcapacity Fears

Stock Track

Jul 09

SMIC's stock price soared 5.01% during intraday trading on Thursday.

The surge is part of a broader recovery rally in the chip sector following a sharp multi-day selloff. The initial decline was driven by market fears of computing power overcapacity, sparked by reports that Meta planned to lease idle AI computing resources. Analysts have since noted that Meta's situation reflects its own specific challenges and represents an isolated case, helping to ease concerns about a systemic industry glut and fueling the sector's rebound.

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