Chip stocks surged on Thursday after strong earnings from Microsoft and Lam Research sparked a widespread rally, fueling double-digit gains for hard-hit semiconductor companies. Lam Research shares jumped 18% for their best day since 1999, driven by artificial intelligence demand, while Microsoft posted its best session since 2008 on strong Azure growth. Memory stocks also rallied as Samsung warned the memory crunch could last into 2028, with Micron and Sandisk gaining 18% and 26% respectively. The iShares Semiconductor ETF popped 8%.
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