tech
Intel leads the list of most overbought stocks after this week's comeback rally
Intel posted a double-digit gain on the week as it appeared to start shedding its reputation as an old guard stalwart.
TL;DR
- Intel and Broadcom were identified as the most overbought stocks this week based on their 14-day relative strength index (RSI).
- Intel's stock surged nearly 25% following announcements of new partnerships with Google for AI data centers and Elon Musk's Terafab project.
- Broadcom also saw a significant gain, agreeing to expanded chip deals with Google and Anthropic.
- Chip stocks generally performed well, with the VanEck Semiconductor ETF gaining 11%.
- Software stocks, including ServiceNow and Salesforce, were among the most oversold, experiencing declines due to AI disruption threats and budget pressures.
- The iShares Expanded Tech-Software Sector ETF closed the week 7% lower.