Why AMD And Micron Technology Shares Are Trading Higher Today

Shares of semiconductors companies, including Advanced Micro Devices, Inc. AMD and Micron Technology, Inc. MU, are trading higher on Thursday as the industry gains amid chip manufacturing executives urging Congress to pass legislation that includes subsidies for the semiconductor industry.

According to a Bloombergquint Report, the legislation includes $52 billion in incentives for their industry, calling it “essential” to maintaining competitiveness with China and other countries.

Both the Senate and House have passed versions of legislation approving $52 billion in chip subsidies in provisions known as the CHIPS Act but differ on other provisions aimed at boosting U.S. competitiveness with China, said in a U.S. News report.

AMD shares were trading about 5.3% higher at $120 per share on Thursday at the time of publication.

Micron shares were trading about 3.3% higher at $78 per share.