Semiconductor Stocks Pre-Market Today, December 10, 2025: Nvidia, AMD, Micron and Broadcom Lead a Cautious AI Chip Trade

U.S. semiconductor stocks are trading slightly higher to mixed in pre-market action on Wednesday, December 10, 2025, as investors balance blockbuster AI demand against fresh geopolitical and regulatory risks, and wait for the Federal Reserve’s final policy decision of the year. Equity futures point to a modestly positive open, with U.S. Tech 100 futures up about 0.13%, S&P 500 futures up 0.07% and Dow futures up 0.05% ahead of the bell. ^[1]

Below is a detailed look at how key semiconductor names are trading before the open — and what today’s headlines and forecasts imply for the sector through the rest of 2025.

Pre-Market Snapshot: AI Chip Leaders Trade Mixed

Based on early U.S. pre-market quotes from Investing.com’s “Pre Market – United States” dashboard, the largest AI and data-center chip names are seeing modest, mostly positive moves: ^[2]

Nvidia (NVDA): $184.72, down 0.14% pre-market
Micron Technology (MU): $253.12, up 0.28% pre-market
Advanced Micro Devices (AMD): $221.87, up 0.11% pre-market
Broadcom (AVGO): $407.30, up 0.25% pre-market

Among power and auto-facing chipmakers:

ON Semiconductor (ON) is indicated at $55.01 in pre-market trading, down 0.40% from Tuesday’s close of $55.23, with light pre-market volume of 290 shares. Analysts’ average 12‑month target sits at $58.70 (high $80, low $40), with 15 Buy ratings and only one Sell, underscoring a broadly constructive view on the stock. ^[3]

On the equipment side, Applied Materials (AMAT) is expected to open “slightly softer” near the $265 area after a blistering multi‑month rally, according to pre-market commentary from Parameter.io.

Overall, the sector tone is one of consolidation rather than capitulation: AI leaders remain near record territory, but traders are selectively taking profits and reassessing risk as policy uncertainty around China intensifies.

Nvidia Stock: China Export Win Meets Security Review Risk

No name in the space is more in focus than Nvidia, the dominant supplier of AI accelerators.

Trump’s H200 Deal: Revenue Opportunity With a 25% Cut

Earlier this week, President Donald Trump signalled that the U.S. will allow Nvidia to export its new H200 AI GPUs to “approved customers” in China — but only if the company hands over 25% of revenue from those sales to the U.S. government. ^[4]

Key details from the Motely Fool/Nasdaq coverage include:

Nvidia had 95% market share in AI accelerators in China before U.S. export controls; that share has now fallen to essentially zero, with China’s contribution to Nvidia’s total revenue dropping from 26% in FY 2022 to 11% in the first three quarters of FY 2026. ^[5]
The 25% cut on H200 sales is even steeper than the 15% revenue‑sharing arrangement negotiated in August for the lower‑spec H20 chip. ^[6]
Trump indicated that a similar structure could apply to AMD and Intel, suggesting broader implications for U.S. AI chip makers selling into China. ^[7]

This combination of regained China access and reduced economic take is why analysts are framing the move as “good and very bad news” for Nvidia investors: revenue potential improves, but margin and policy risk both rise. ^[8]

China and Washington Add New Friction

The initial euphoria has been tempered by fresh headlines from both Beijing and Washington:

China is expected to limit access to Nvidia’s H200 chips and require buyers to apply for government approval, according to Reuters reporting that cites industry sources who foresee strict quotas and a narrow set of permitted users. ^[9]
The U.S. government will require H200 chips manufactured by TSMC in Taiwan to be shipped first to the United States for a special national-security review before being re-exported to China. Taiwan News reports that the U.S. will collect a 25% import duty at this stage, allowing the levy to be structured as an import fee rather than a constitutionally questionable export tax. ^[10]
Barchart and other outlets note that export approvals and volumes are not yet final and could change as U.S. agencies refine the policy, while the Justice Department has charged individuals with trafficking controlled Nvidia chips — including the H200 — into China, highlighting enforcement challenges. ^[11]

Anti-Smuggling Tech: Location Verification Comes to GPUs

At the same time, Nvidia is reportedly building location‑verification technology into its chips to help ensure they are not operating in banned jurisdictions. Seeking Alpha reports that this feature would allow Nvidia to infer the country in which its AI hardware is running, potentially limiting unauthorized re‑exports and helping regulators police restrictions more effectively.

Separate coverage suggests that similar location‑tracking capabilities are planned for Nvidia’s upcoming Blackwell‑generation GPUs, bolstering the company’s argument that it can safely serve certain Chinese customers under tighter technical controls.

How the Market Is Reacting Pre-Market

With this swirl of news, Nvidia shares are essentially flat to slightly lower in pre-market trading — down about 0.14%at $184.72 — despite being among the most active stocks on U.S. pre-market screens. ^[12]

The muted move reflects cross‑currents:

Bullish: Partial restoration of China revenue, sustained global AI demand, and technical safeguards that may reassure regulators.
Bearish: Unusual security reviews, a hefty 25% revenue skim, continued Chinese controls and the possibility that this structure becomes a precedent for future export deals.

Layer on top that Nvidia’s market cap still sits in the multi‑trillion‑dollar range with a P/E near 46 and a 52‑week range of $86.62 to $212.19, and it’s unsurprising to see traders more cautious into the Fed meeting. ^[13]

Micron Stock: Analyst Upgrades and AI Memory Boom Drive Pre-Market Strength

If Nvidia is the face of AI compute, Micron Technology (MU) is increasingly being cast as the value play in AI memory — and that narrative is front and center again this morning.

Micron Leads the Memory Trade in Pre-Market

Micron is one of the few large-cap semis trading solidly higher pre-market: at $253.12, shares are up about 0.28% on Investing.com’s most-active list. ^[14]

StockAnalysis data show Micron closed Tuesday at $252.42, with pre-market quotes early Wednesday around $253.29, implying a modest gain on top of a multi‑day surge. The stock has climbed sharply in recent sessions, with single‑day gains of 4–5% multiple times over the past week. ^[15]

Street Turns Aggressively Bullish

A detailed note from Parameter.io highlights how a wave of analyst price‑target hikes has fueled Micron’s momentum into this week:

Bank of America lifted its target to $250, framing the memory cycle as a multi‑year structural AI upcycle, not just a short‑term rebound.
Susquehanna raised its target to $300, while UBS, Rosenblatt, Citigroup, Mizuho and Wells Fargo reiterated bullish views with targets ranging from the mid‑$200s into the low‑$300s.
Analysts see high‑bandwidth memory (HBM) and data‑center DRAM as the core of Micron’s growth, with AI servers requiring multiples more memory than traditional enterprise hardware.

InvestorsObserver goes further, arguing Micron may be “the most undervalued AI stock” on at least one key metric: its forward P/E around 12 compares with roughly 29 for Nvidia and 28 for AMD, even after Micron’s 180%+ year‑to‑date rally. ^[16]

Earnings and Forecasts: Mark Your Calendar for December 17

The fundamental backdrop helps explain the enthusiasm:

Micron has delivered back‑to‑back earnings beats, with revenue growth of roughly 38–49% year‑over‑year in its most recent quarters, powered by AI‑driven demand for HBM and data-center DRAM. ^[17]
Goldman Sachs recently projected $13.2 billion in upcoming quarterly revenue and $3.84 EPS, both well ahead of the Street’s more conservative consensus of $12.7 billion and lower EPS expectations. ^[18]
Nasdaq notes that analysts on average expect Q1 2026 EPS of about $3.79 on $12.61 billion in revenue, with Micron’s next earnings report scheduled for December 17, 2025. ^[19]

Strategically, Micron has announced it will wind down its Crucial consumer memory brand to free manufacturing capacity for higher‑margin AI and data-center products — a pivot many on Wall Street view as aligning the company squarely with the AI infrastructure cycle. ^[20]

For pre-market traders, Micron now combines:

Strong near‑term price momentum
Improving fundamentals and guidance
Valuation still discounted relative to other AI leaders

That mixture helps explain why MU is one of today’s early gainers in the chip complex.

AMD and Intel: Secondary Winners From the China Export Shift

While Nvidia dominates the headline cycle, AMD and Intel are quietly trading higher on the expectation that Trump’s export deal to China will apply to their AI accelerators as well.

The Nasdaq/Motley Fool analysis on the H200 arrangement notes that Trump’s comments explicitly referenced extending similar terms to Nvidia’s rivals, including AMD and Intel. ^[21]

AMD is up roughly 0.11% in pre-market trading at $221.87, after a strong series of sessions that left the stock hovering near the top of its 52‑week range. ^[22]
Intel saw heavy volume and high volatility earlier this month around the same export-control headlines; more recently, daily data from Investing.com show the stock fluctuating around $40–$41 with large swings following AI and PC guidance updates. ^[23]

For both companies, inclusion in any China export framework could incrementally improve their AI addressable market — but they face many of the same constraints as Nvidia: security screening, customer approval lists, and the precedent of a government revenue share on China-bound AI chips.

Broadcom, Applied Materials and ON Semi: AI Infrastructure and Power Chips

Beyond the direct AI GPU names, several key semiconductor and equipment stocks are shaping the pre-market tone.

Broadcom (AVGO): Riding AI Networking and Custom Silicon

Broadcom — a major provider of data-center networking chips and custom ASICs used in AI clusters — is modestly higher pre-market, up 0.25% at $407.30, according to Investing.com’s U.S. pre-market most-active list. ^[24]

Recent research on Broadcom from Seeking Alpha points out that the stock is up more than 70% year-to-date, with investors keenly watching whether strong AI guidance can justify its elevated valuation ahead of upcoming earnings. ^[25]

Applied Materials (AMAT): Cooling After a Huge Run, But Institutions Are Buying

Applied Materials, the largest U.S. semiconductor equipment maker, has been one of the stealth winners of the AI boom.

A fresh analysis from Parameter.io describes AMAT as “catching its breath” after a “blistering” rally:

The stock has climbed about 70% in the last three months and more than 60% year‑to‑date, recently touching highs near $273.
AMAT slipped less than half a percent on December 9 and drifted lower after hours, with pre-market indications for December 10 pointing to an open “slightly softer” around $265.
The company closed fiscal 2025 with record revenue and earnings, driven by demand for advanced-node foundry tools, DRAM capacity and high‑bandwidth memory equipment that underpins modern AI training clusters.
Management expects fiscal 2026 to be uneven, but to strengthen in the back half as new fabs move from construction into heavy equipment-loading.

Crucially, AMAT’s story now has a strong institutional ownership angle: large investors such as State Street and the Investment Management Corp. of Ontario have been building positions, pushing institutional ownership above 80%.

Policy risk is the main overhang. The same evolving U.S. export rules that affect Nvidia’s H200 chips also constrain certain China‑linked equipment sales. But so far, the market has treated these as manageable headwinds given the scale of global AI‑related capex.

ON Semiconductor (ON): EV and Power Semis Under Pressure

ON Semiconductor, a key supplier of power management chips for EVs, industrials and renewable energy, is one of the few semi names trading lower pre-market:

ON’s pre-market price of $55.01 represents a 0.40% decline from Tuesday’s close of $55.23. ^[26]

Even so, its valuation metrics show why some analysts remain bullish:

52‑week range: $31.04–$70.58
Average 12‑month target: $58.70, with 15 Buy ratings vs 1 Sell

This mix of modest downside today and constructive longer-term forecasts underscores a broader theme: cyclical, auto‑ and industrial‑exposed semis may lag the high‑beta AI names in the near term but remain integral to the sector’s multi‑year electrification and automation story. ^[27]

Global Policy Tailwinds: Korea’s Special Semiconductor Bill and New Fab Plans

While U.S.-China tensions dominate the AI export narrative, Asia is doubling down on its own semiconductor ambitions, with South Korea leading fresh policy moves.

Korea’s “Semiconductor Special Law”

On December 10, South Korea’s National Assembly Legislation and Judiciary Committee passed the “Special Act on Strengthening Competitiveness and Innovation in the Semiconductor Industry”, widely known as the “Semiconductor Special Law.”

Key provisions include:

Establishing a presidential committee on industry competitiveness for chips
Designating official “semiconductor clusters” and funding infrastructure like power, water and transportation around them
Streamlining preliminary feasibility studies and allowing priority selection or exemptions for chip-related projects
Creating a special semiconductor industry fund in place through December 31, 2036

A controversial clause that would have exempted chipmakers from the country’s 52-hour workweek was dropped, but the bill still marks a significant step in Korea’s efforts to solidify its role in the global chip ecosystem.

President Lee’s AI-Centric Chip Expansion Plan

In a separate but related move, President Lee Jae Myung unveiled a national chip expansion roadmap on December 10, focused on AI and advanced semiconductor technologies.

Highlights from Parameter.io’s coverage:

A 700 trillion won long-term program targeting the construction of 10 new fabs by 2047, anchored around AI-centric computing.
215.9 billion won earmarked through 2032 for technologies critical to AI processing, including neural processing units, processing‑in‑memory (PIM) designs and continued high‑bandwidth memory innovation.
Additional targeted budgets of 1.27 trillion won over five years for AI‑optimized chips, 260.1 billion won by 2031 for compound semiconductors, and 360.6 billion won for advanced packaging work.
Creation of regional hubs — Gwangju for advanced packaging, Busan for power semiconductors and Gumi for materials — plus a cooperative foundry model to reserve capacity for fabless companies making mid-tier chips (e.g., auto microcontrollers and PMICs).

For global investors, these policies support a longer-term demand pipeline for equipment suppliers like AMAT and for foundry peers such as TSMC and UMC — even if today’s price action is dominated by U.S. headlines.

Sustainability Angle: UMC’s Circular Economy Push

Sustainability remains an increasingly important theme in semiconductor investing, and United Microelectronics Corp (UMC) contributed notable news today.

UMC announced the opening of its Circular Economy & Recycling Innovation Center at Fab 12A in the Southern Taiwan Science Park — a NT$1.8 billion (US$57.5 million) on-site waste recycling facility.

According to the company:

The center is expected to divert 15,000 metric tons of waste per year, cutting UMC’s total waste in Taiwan by up to one-third and generating about NT$100 million in economic value.
Waste solvents from wafer cleaning are recycled into industrial-grade products, with a goal of producing electronic‑grade solvents that can be fed back into manufacturing.
Calcium fluoride sludge will be repurposed into artificial fluorite for steelmaking, reducing reliance on virgin raw materials.

While unlikely to move UMC’s share price on its own in pre-market U.S. trading, initiatives like this are increasingly factored into ESG frameworks and can influence how large institutions allocate capital across the foundry universe.

Big Picture: What Today’s Pre-Market Action Signals for Semiconductor Investors

Today’s semiconductor pre-market tape can be read as a microcosm of the sector’s 2025 story:

AI Demand Is Still the Core Driver
- Nvidia, Micron, AMD, Broadcom and Applied Materials continue to trade near historically elevated levels, supported by data center and AI infrastructure spending that shows few signs of slowing. ^[28]
Policy and Security Risks Are Escalating, Not Fading
- The U.S.‑China tug-of-war over AI chips has morphed into complex revenue‑sharing, security reviews and anti‑smuggling measures that could shape margins and addressable markets for years. ^[29]
Memory and Equipment Names Are Emerging as Strategic Winners
- Micron’s under‑appreciated valuation and AMAT’s order visibility into 2026 reflect the market’s realization that AI is as much a memory and manufacturing story as it is about GPUs. ^[30]
Global Policy Support Is Building a Deeper Demand Base
- South Korea’s special semiconductor law and long-term fab plan, along with ESG investments like UMC’s recycling center, suggest that governments and companies are planning for a multi‑decade expansion in semiconductor capacity and sophistication.

As the trading day unfolds, investors will be watching:

The Fed’s policy announcement and commentary, given the sector’s sensitivity to interest rates and growth expectations; ^[31]
Any further detail from Washington and Beijing on the H200 export framework; and
Short-term reactions in Micron ahead of its December 17 earnings and in Nvidia as the market digests the balance of new China revenue vs. tighter oversight.

One thing is clear: even on a “quiet” pre-market morning, semiconductor stocks remain at the center of the global conversation about AI, security and industrial policy.