Semiconductor stocks rallied Tuesday, helping push the S&P 500 and Dow Jones Industrial Average toward record closes.

The iShares Semiconductor ETF, which trades under the ticker SOXX, rose nearly 7% in early afternoon trading. The fund had fallen more than 20% from its June high during the previous month as investors reduced exposure to AI and semiconductor stocks.

Marvell Technology led the rally with a gain of more than 14%. Micron Technology rose over 8%, while the US listed shares of SK Hynix also gained approximately 8%.

Intel climbed nearly 11%, Advanced Micro Devices rose more than 8%, and Nvidia gained about 2.5%.

Marvell announced several new memory and storage products Tuesday at the Flash Memory Summit 2026 in Santa Clara, California. The company said the products are designed to address memory capacity, bandwidth, and data movement requirements created by agentic AI inference.

The announcements included Marvell’s Bravera SC6 PCIe 6.0 SSD controller, Structera X memory expansion products, and Photonic Fabric technology for sharing memory across multiple AI racks. 

Marvell said its optical memory system could support up to 32 terabytes of shared memory and deliver up to three times higher token throughput within existing data center power and space limits.

AMD’s gains came ahead of the company’s second quarter earnings report, scheduled for release after the market closes Tuesday. Management will hold an earnings call at 5 p.m. Eastern Time.

The semiconductor rally followed a volatile July in which the PHLX Semiconductor Index fell more than 20% from its record high amid concerns about technology companies’ AI infrastructure spending and competition from Chinese AI developers.