Intel CEO’s Sudden Departure and Super Micro’s 22% Surge Lead Tech Sector Moves While Apple Reaches Record Territory
The Nasdaq 100 touched new intraday records Monday, driven by strong performance across major technology stocks, while significant leadership changes at Intel and positive developments at Super Micro Computer sparked notable movements in the semiconductor sector.
Key developments:
- Nasdaq 100 reached fresh intraday highs, with Apple hitting new record levels
- Intel CEO Pat Gelsinger forced out after board loses confidence in turnaround strategy
- Super Micro Computer jumps 22.5% following independent review clearing management
- All “Magnificent Seven” stocks post gains, strengthening market momentum
Intel Leadership Shake-up
In a dramatic development, Intel announced the immediate departure of CEO Pat Gelsinger, marking the end of his tenure at the pioneering chipmaker. The decision came after a crucial board meeting where Gelsinger’s progress on market share recovery and efforts to close the gap with Nvidia were scrutinized. The board’s loss of confidence in his turnaround strategy led to his departure, with CFO David Zinsner and Michelle Johnston Holthaus stepping in as interim co-CEOs while the search for a permanent replacement begins.
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Super Micro Computer Rebounds
Super Micro Computer saw its shares surge up to 22.5% following the release of an extensive independent review that found no evidence of misconduct by management or the board. The investigation, which analyzed over 9 million documents and included 68 witness interviews, recommended new top financial and legal leadership appointments. The company announced Kenneth Cheung as the new chief accounting officer and initiated a search for a new CFO to replace David Weigand.
Market Performance
The broader tech sector showed remarkable strength, with Apple shares climbing 1% to reach new historic highs. The “Magnificent Seven” stocks, including Nvidia and Tesla, all posted gains in early trading, reflecting continued investor confidence in large-cap technology companies. The Nasdaq 100 approached its all-time high, underscoring the sustained momentum in technology stocks.
US100 (D1 Interval)
The Nasdaq-100 index, represented by the US100 contract, is trading above the mid-July high of 20,895, now serving as initial support for bulls. It is also approaching its all-time high. Key target levels for bears include the 50-day SMA at 20,564 and the August highs around 19,917, aligning with the 100-day SMA. RSI is gradually diverging higher while MACD is close to bullish crossing. Source: xStation
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