US Stock Market Move | Chip stocks are generally up, with SanDisk (SNDK.US) rising more than 6%.

On Monday, chip stocks rose across the board, with SanDisk (SNDK.US) up over 6%, Micron Technology, Inc. (MU.US), Seagate Technology Holdings PLC (STX.US), Intel Corporation (INTC.US), and SK Hynix (SKHY.US) all up over 5%, while AMD (AMD.US), Western Digital Corporation (WDC.US), and Applied Materials (AMAT.US) up over 4%, and Broadcom Inc. (AVGO.US) up over 3%. On the news front, SK Hynix chairman Choi Tae-young stated at the Jeju Forum for Korea-Japan Business that the demand for AI semiconductors is expected to increase by 60% to 100% year-on-year next year, while overall storage semiconductor demand is forecast to grow by 50% to 60%. At the same time, major manufacturers have almost no substantial capacity expansion plans for next year, which will inevitably further widen the supply-demand gap. He bluntly stated that the intensity of global enterprises competing for storage supply "must be described as panic-inducing".