🟢 Fidelity MSCI Information Technology Index ETF is trading 2.9% up as Nvidia-SK Hynix AI deal sparks chip rebound

Fidelity MSCI Information Technology Index ETF is trading at $283.38 (+2.9%) as the information technology sector bounces back from a massive selloff, buoyed by a major new AI partnership.

• The rebound follows a brutal session on June 5, where the Philadelphia Semiconductor Index plummeted over 10%, erasing more than $1 trillion in value from chip stocks.
• A key catalyst for the recovery is Nvidia's announcement of a multi-year AI collaboration with South Korea's SK Hynix, which includes jointly building AI data centers. The news caused a strong rebound in Asian tech stocks.
• The recovery comes after fears of a potential Fed rate hike and a cautious outlook from Broadcom contributed to Friday's steep declines.