Updated from 9:40 a.m. EDTIntel ( INTC - Get Report) shares jumped Wednesday but other chips drifted as investors decided to wait out financial reports from the rest of the group as nervousness still reigned. Intel, the world's largest chipmaker and a bellwether for the tech sector, beat Wall Street's financial targets for the first quarter and met expectations for the second quarter late Tuesday. It also boosted gross margin and capital spending targets for the year. The results seemingly set up the chip sector for another day of strong gains. The trend in chip stocks this week has been higher, with the Philadelphia Semiconductor Index advancing 0.7% on Monday and 1.7% on Tuesday following
The net-net is uncertainty around what's ahead, leaving investors not knowing what to expect or where a disconnect will surface between performance and stock price. Part of the problem may be that the first quarter is typically a weak period for semiconductor companies and pegging future demand trends off it is difficult. Investors should stay tuned, there's still more to come. Qualcomm ( QCOM - Get Report), Cypress Semiconductor ( CY), Xilinx ( XLNX), and Altera ( ALTR) are all slated to report financial results between now and the end of April.