Chip stocks rallied in premarket trading. Direxion Daily Semiconductors Bull 3x Shares rose 6%; SK hynix rose 4%; Broadcom, Super Micro Computer, and Micron Technology rose 3%; SanDisk, Marvell Technology, ASML, Seagate Technology, Intel, AMD, and Arm rose 2%; Western Digital and Nvidia rose 1%.

Optical communications stocks also rose in premarket trading. Credo Technology and Coherent rose 4%; AXT Inc, Lumentum, Semtech, Fabrinet, and POET Technologies rose 3%; Applied Optoelectronics, Amphenol, Ciena, and Nokia rose 2%.