FILE PHOTO: Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration
NEW YORK (Reuters) - The Philadelphia semiconductor index hit its highest level in nearly a year on Thursday, as optimism grows that a sales downturn in the industry has reached its nadir, in part due to a surge in artificial intelligence (AI) technology.
The index climbed 1.6%, adding to a gain of more than 3% on Wednesday, and it is now on track for its biggest two-day percentage gain in nearly two months, hitting its highest level since April 6 after a flurry of updates from several chipmakers including Intel, Micron Technology and Germany's Infineon.
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