Chip stocks were leading the S&P 500 higher on Monday, as several reports strengthened investor confidence in the sustainability of the artificial intelligence boom. The Trump administration reportedly told Apple not to buy memory chips from Chinese companies amid a supply crunch that has sent prices higher. Micron and Sandisk were among the stocks that climbed, with U.S. officials potentially helping them better fend off Chinese competition. Apple said in June it would eventually have to pass some of those costs down to customers.
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