Analog Devices shares climb on chip sector rebound

Analog Devices Inc shares rose 3.3% in morning trading Tuesday, reaching $426.58, as semiconductor stocks rebounded across the board.

The Philadelphia Semiconductor Index had fallen nearly 30% below its June peak during a weeks-long sector correction. Tuesday's gains came as chip stocks led the Nasdaq higher, with the VanEck Semiconductor ETF surging in early trading.

Renewed optimism around artificial intelligence infrastructure demand supported the semiconductor sector. Falling crude oil prices, driven by reports of diplomatic progress between the U.S. and Iran, also reduced pressure on growth and technology stocks.

A Form 144 notice of a proposed share sale was filed on November 2, though the routine disclosure did not affect market sentiment toward the stock.

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