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Intel rally due to a 'clear short cover trade underway in semis' - Mizuho

July 8, 2024 1:36 PM EDT

Intel (NASDAQ: INTC) shares are trading more than 5% above Friday's close despite a lack of evident upside drivers. However, analysts at Mizuho believe there is a "clear short cover trade underway in semis."

The investment firm said: "ARM ripped 8% Fri, AMD up 5% and near 8% past week, and even ON up... More