finance
Intel Tops List of Most Overbought Stocks Following Weekly Gains and New Partnerships
Intel shares rose nearly 25% this week, reaching a 14-day relative strength index of 75, after announcing expanded partnerships with Google and involvement in Elon Musk's Terafab project. Broadcom also appeared on the overbought list with an RSI of 71 following similar deals. Major U.S. stock indexes advanced amid hopes for a sustained U.S.-Iran ceasefire.
Apr 11, 8:01 AM·1m read1 source
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The gains followed announcements of new partnerships for Intel. Google stated it would use Intel's Xeon central processing units in its artificial intelligence data centers. This expands an existing partnership between the companies.
“— Amin Vahdat, Google's chief technologist for AI infrastructure (CNBC)”
These developments occurred amid broader market advances in major U.S. stock indexes.
Investors purchased shares in semiconductor companies, contributing to gains in the VanEck Semiconductor ETF (SMH) for the week.
This contrasted with declines in software stocks.
The iShares Expanded Tech-Software Sector ETF (IGV) closed lower.
UBS reportedly expressed concerns about software companies amid AI disruption threats and budget pressures.
