AMD, Micron, SK Hynix climb as semiconductor complex attempts recovery
Semiconductor stocks attempted a recovery on Monday, July 20, 2026, after the PHLX Semiconductor Index fell 9% the previous week. AMD jumped 2% after being named a 'top pick' by Rosenblatt with a raised price target of $665, while UBS raised its target to $700. Memory leaders Micron Technology and SK Hynix saw significant gains. The rebound comes amid Wall Street views that the AI trade remains intact despite a 20% monthly decline, with JPMorgan citing oversold conditions and constructive fundamentals. However, investors are weighing risks from Chinese startups like Moonshot, which unveiled a low-cost AI model, raising questions about US AI valuations and capital expenditure sustainability. Alphabet's upcoming quarterly results are also in focus for clues on AI spending.
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