US Chip Stocks Recover Some Losses; Market Eyes SpaceX IPO's Fundraising Power

(Central News Agency correspondent Liao Hanyuan, New York, 8th) US chip stocks, which plunged at the close of last week, recovered some ground in trading on Monday. Shares of technology companies such as Micron, Marvell Technology, and Intel staged a strong rebound. Wall Street is closely watching the listing of SpaceX on the 12th, with the market focused on the fundraising power of over 20 underwriting banks and brokerages and whether it will shift capital flows.

The Dow Jones, S&P 500, and Nasdaq indices, which fell sharply on the 5th, were mixed on the 8th. The Dow edged down 0.16%, while the S&P 500 and Nasdaq rose 0.30% and 0.86%, respectively. The Philadelphia Semiconductor Index surged 5.61%.

Apple kicked off its Worldwide Developers Conference (WWDC) on Monday. The focus is on its AI-powered Siri and the "Apple Intelligence" strategy. This is expected to be CEO Tim Cook's last appearance at the conference before stepping down, during which this year's product lineup is expected to be announced.

As the world awaits tangible results and commercial revenue from AI, Apple's products are in the spotlight. "Apple Intelligence" will partner with Google's AI platform, Gemini. However, on the first day of the conference, Apple's stock price rose initially but then fell due to a lack of surprising features, closing down 1.89%.

Chip stocks that plunged on the 5th recovered some ground on the 8th. Micron and Marvell Technology surged 9.87% and 9.63%, respectively, while AMD rose 5.14%.

Media reports indicate that Alphabet, Google's parent company, will commission Intel to produce over 3 million AI chips by 2028. Intel shares surged 11.19% on the 8th. Microsoft and Tesla also plan to place orders, suggesting progress in Intel's foundry business transformation.

Broadcom and Nvidia rose 2.82% and 1.73%, respectively.

The market is also watching the dynamics of SpaceX's IPO on the 12th. While performance and outlook are the basis for stock price movements, historical data shows that, amid investor expectations and positive company news, the closing price on the first day of an IPO is usually higher than the offering price. Securing new shares is almost a guaranteed profit for day traders, making SpaceX a battleground for Wall Street investors.

According to the New York Times, Wall Street investment banks are using the upcoming SpaceX IPO to drive wealth management business and attract new clients. With the trend of wealth transfer between generations, asset management has become a key business for investment banks.

JPMorgan Chase, one of the lead underwriters, recently hosted an underwriting briefing for 350 high-net-worth investors at its Manhattan headquarters, offering a face-to-face meeting with SpaceX founder Elon Musk. Attendees included billionaire Robert Kraft, a major shareholder of the New England Patriots, and Home Depot co-founder Kenneth Langone. CEO Jamie Dimon was also present.

As wealthy US investors scramble for new shares, SpaceX has reserved a higher-than-usual portion—30% of the over $20 billion in new shares—for retail investors. Online brokerages like Robinhood and E*TRADE allocate shares randomly without conditions, while major brokerages set account balance thresholds and prioritize long-term clients.