Chip stocks were back in the driver's seat on Monday as the PHLX Semiconductor Index (^SOX) surged more than 3%. An upcoming state dinner between President Trump and Chinese leader Xi Jinping, with numerous AI titans expected to be in attendance, fueled optimism about the AI trade. Chipmaker AMD soared to an all-time high above $610 a share, giving it a $1 trillion market cap during the trading session. Shares of central processing unit designer Arm Holdings (ARM) and chipmaker Intel both rose 10% as social media giant Meta's (META) new AI agent MUSE sparked a broader rally among server CPU suppliers.
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