ALGM stock jumps 10% as Wells Fargo spotlights Allegro and new SiC power chips grab attention
New York, Jan 6, 2026, 14:01 EST — Regular session Allegro MicroSystems (ALGM) shares jumped about 10% on Tuesday, with traders pointing to a bullish Wells Fargo call and a pair of fresh product announcements aimed at power systems for AI data centers and electric vehicles. The stock was up 10.5% at $31.43, after touching $32.33 earlier in the session. The move matters because investors have been quick to chase signs that the long inventory overhang across parts of the chip supply chain is easing. Allegro sells sensors and application-specific power chips used in autos and industrial gear, where customer