Chip stocks mostly rose on Wednesday with SOXL up 5.4%; Marvell up 3.5%; TSMC up nearly 3%; SMCI, Nvidia, AMD up around 2%.

On July 1, the U.S. Senate passed Trump’s tax and spending bill by a razor-thin one-vote margin. The revised version includes enhanced tax credits for semiconductor manufacturers, while notably excluding feared tariffs on imported wind and solar components — bringing relief to clean energy stocks and optimism to chipmakers.

Under the Senate version of the “Big Beautiful Bill”, semiconductor companies that build new factories in the U.S. before the original 2026 sunset date under the CHIPS and Science Act will be eligible for a 35% investment tax credit, up from the current 25% and higher than the previously expected 30%.

Intel dropped over 2%. Intel's new chief executive is exploring a big change to its contract manufacturing business to win major customers, two people familiar with the matter told Reuters, in a potentially expensive shift from his predecessor's plans.