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Intel shares rose 4% on Friday, with NVIDIA and AMD also moving higher, as chip stocks defied rising interest rate hike expectations.
Intel shares rose 4% to $95.41 in early Friday trading, NVIDIA gained 2% to $232.37, and AMD advanced 3% to $471.05. The iShares Semiconductor ETF (SOXX) climbed 3% overall to $517.91, outperforming the Invesco QQQ Trust (QQQ), which was up only 0.02%. This surge followed a strong August non-farm payrolls report, which pushed market expectations for a September rate hike by the Federal Reserve from 49.4% on Thursday to 60.2%.
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