Stock rebounded today after slipping in late trading on Tuesday. Tech led Wednesday's rally with several big tech names rising as of mid-day. Here are some of the biggest tech movers in the S&P 500 on Wednesday, Aug. 12:
AMD (AMD) - Get Report stock jumped 7% to $82.32 on Wednesday, leading gains among the chipmakers after sharp declines on Tuesday. In a note this week, DA Davidson analyst Ben Wilson noted that the presence of AMD's Zen 2 Rome processors has doubled in Amazon's AMZN massive data centers, which bodes well for the chipmaker.
Fellow chip giant Nvidia (NVDA) - Get Report rose 4.2% to $452.19 on Wednesday. Nvidia is set to unveil new gaming chips on Sept. 1, and is also slated to report its latest quarterly earnings on August 19. On average, analysts are expecting the chip giant to report earnings of $1.98 per share and revenue of $3.64 billion.
Apple (AAPL) - Get Report shares were up 2.7% to $449.44 as investors look ahead to the release of the iPhone 12 this fall. Earlier this week, Wedbush analyst Dan Ives, a longtime Apple bull, boosted his Apple price target by $35 to $515 per share, citing a buildup in iPhone demand. Deutsche Bank analyst Jeriel Ong also raised his price target for Apple shares by $40 to $480 per share, calling it "one of the highest quality stocks in our coverage."
Microsoft (MSFT) - Get Report shares rose 2.8% to $209.11 on Wednesday. Earlier today, Microsoft set Sept. 10 as the launch date for the Surface Duo, a $1,399 dual-screen Android phone, marking the company's push back into the smartphone market. The tech giant is also forging ahead with negotiations to buy ByteDance-owned TikTok.
Shares of Qualcomm (QCOM) - Get Report rose 3.6% to $112.70. On Tuesday, an appeals court ruled in Qualcomm's favor in a long-running battle with the FTC, which accused Qualcomm of abusing its dominant market position to overcharge for technology patents.