SMH is trading at $514.70 (+1.5%) in pre-market, extending gains from Friday's close of $506.44 following a strong week for the semiconductor sector.
- Momentum is fueled by Intel's blowout Q1 earnings and a strategic partnership with Tesla, providing a significant lift to chip stocks.
- Broader Nasdaq futures are trading modestly higher (+0.13% NQ) amid a light economic calendar for the day.
- Recent job cuts at Oracle and Meta signal an industry-wide pivot toward AI infrastructure, though the shift has not yet dampened market momentum.