New York, Jan 22, 2026, 06:20 EST — Premarket
Before Thursday’s U.S. open, AI stocks popped back into focus, led by chipmakers and their suppliers stirring early buzz.
The reason this matters now is straightforward. The AI trade depends heavily on big spending for data centres, but it’s also caught up in Washington’s export restrictions and the climbing prices of crucial components found in everything from servers to laptops.
Chipmakers led the charge Wednesday. Intel (INTC.O) surged 11.7% to $54.25. Nvidia (NVDA.O) gained roughly 3%, closing at $183.32. AMD (AMD.O) climbed 7.6% to $249.80. Micron (MU.O) added 6.6% to $389.11. Broadcom (AVGO.O), however, slipped 1.1% to $328.80. Microsoft (MSFT.O) dropped 2.3%. Alphabet (GOOGL.O) and Meta (META.O) edged up around 2% and 1.5%, respectively. The iShares Semiconductor ETF (SOXX.O) jumped 3.2%.
Intel’s upcoming quarterly report, due after Thursday’s close, will be a key moment for the company. Investor sentiment has brightened around CEO Lip-Bu Tan’s turnaround strategy, driven by surging demand for Intel’s traditional server chips amid a fast expansion of AI data centers. Analysts tracked by LSEG forecast the data-center division to deliver revenue exceeding $4.43 billion in the December quarter, marking a jump of more than 30%, Reuters reported. “It’s the most optimistic, I think, people have felt about the company in a long time; the near-term dynamic’s set up very well,” said Ryuta Makino, an analyst at Intel investor Gabelli Funds. 1
Memory costs are adding strain. Taiwan’s Compal, a key notebook manufacturer, flagged that soaring memory prices will pressure the sector through 2027. The company described the current surge as a “true super cycle,” driven by suppliers focusing on high-bandwidth memory (HBM) — the faster chips feeding AI processors in servers. According to Compal’s CEO, memory usually makes up 15% to 18% of a PC’s component cost but could jump to between 35% and 40%. 2
Policy risks are creeping back in. The U.S. House Foreign Affairs Committee pushed forward the “AI Overwatch Act,” which would give key congressional panels a chance to review—and possibly block—export licenses for advanced AI chips. As it stands, the bill bans Nvidia’s top-tier Blackwell chips, Reuters reported. “It would be a big mistake to ship these chips … It’s a bit like selling nuclear weapons to North Korea,” Anthropic CEO Dario Amodei told the World Economic Forum in Davos, per the report. 3
After a rocky start to the week, Wednesday saw a more positive tone. Wall Street surged following President Donald Trump’s announcement of a framework deal on Greenland and the decision to sidestep new U.S. tariffs on European allies. The S&P 500 climbed 1.16%, while the Nasdaq added 1.18%. 4
That said, this trade isn’t one-directional. A slump in corporate spending, new export restrictions, or a dip in risk appetite could weigh on the high-multiple stocks that powered the recent rally. For Intel, the key focus remains on manufacturing execution, where poor yields—the percentage of usable chips per wafer—pose a threat to margins.
Intel’s earnings report is set for release just after the U.S. market closes Thursday, with a follow-up call scheduled for 2 p.m. Pacific, the company announced. Investors will zero in on guidance around server demand and any fresh details on Intel’s 18A process and foundry strategy. 5
