Intel, GlobalFoundries Defy Chip Slump Sparked by Policy Worry
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Intel Corp. and Globalfoundries Inc. rallied Wednesday, defying a broad selloff among chip companies, as investors speculated the two could benefit from fresh policies under either a Biden or Trump administration.
Shares in Intel rose as much as 8.2% and Globalfoundries added 14%. The Philadelphia Semiconductor Index, meanwhile, sank 4%, with all but five of its 30 components lower on the day.