Chip stocks rally 5.7% as SOX bounces from sell-off; Arm, Macom, Micron lead gainers

The Philadelphia semiconductor index rose 5.7% Wednesday, recovering 17.4% from its Nov. 5 low. Arm (+12.1%), Macom (+10.3%), and Micron (+11.9%) led. Morgan Stanley named Nvidia its top pick on risk-reward after the pullback, also favoring Micron and Sandisk. Mizuho cautioned that sustained buying conviction may require multiple days of rebound.