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Tech Rally Accelerates as Investors Buy Into Chip Shortage

Equity markets surged Wednesday as investors returned to technology stocks following a brief pullback. Strong corporate earnings and persistent supply constraints in semiconductor manufacturing buoyed sentiment. Micron Technology led the charge, with shares gaining nearly 38% for the week—the chipmaker's strongest performance since 2008—as global memory chip shortages continue to support pricing power across the sector. The momentum extended to fuel cell companies, with Ceres Power Holdings extending its remarkable ascent to approach 1,000% gains over the past year. Buying interest in the technology sector offset renewed inflation concerns, suggesting traders believe earnings strength will sustain valuations. International markets reflected similar sentiment, with South Korean equities erasing early losses as local investors countered foreign selling pressure. Energy markets showed signs of consolidation after three consecutive gains, though geopolitical concerns around critical shipping routes persisted.