AMD, Oracle, Microsoft and the IGV lead a monster week for tech stocks

This week has been a remarkable one for major technology stocks, with Oracle, Advanced Micro Devices (AMD), and Microsoft poised to achieve significant milestones in their stock performances. Oracle has seen its shares soar by 32% this week, marking its best weekly performance since October 1999. This surge comes on the heels of the company’s announcement of an expansion in its artificial intelligence data center power agreement with Bloom Energy, securing 1.2 gigawatts of capacity. Additionally, Oracle recently obtained a warrant to buy $400 million worth of Bloom shares, further bolstering its position in the market. AMD is also making headlines, experiencing a 13% increase this week and reaching an all-time high on Thursday. The company has enjoyed a remarkable run, achieving over 40% growth during a streak of 12 consecutive days of gains, the longest such stretch in over two decades. Microsoft is riding a wave of momentum as well, with its stock climbing more than 14% this week, marking its best performance since April 2015. This rebound follows a challenging quarter in March, where the software giant faced its worst losses since 2008, shedding nearly a quarter of its value. Not to be outdone, Tesla has also reported a strong week, with a 14% increase in its stock price after CEO Elon Musk confirmed the company’s achievement of a significant milestone with its AI5 chip. Furthermore, Intel has had a noteworthy month, gaining 55% in April alone, propelled by strategic partnerships with Google and other firms associated with Musk. Other chipmakers like Broadcom, Micron, Marvell, and ON Semiconductor have also seen increases of around 30% thus far this month. The iShares Expanded Tech-Software ETF (IGV) is on track for a gain of about 15% week-to-date, potentially achieving its best week since October 2001. If it surpasses a 15.5% increase, it would set a new record. The software sector has faced challenges this year amid fears of disruption due to AI technologies, but optimism surrounding a potential peace deal between the U.S. and Iran seems to have reignited investor confidence, contributing to the recent rebound. Despite the upswing, the IGV remains down approximately 20% year-to-date.