Although Moderna (MRNA) shares are hundreds of dollars away from a share price peak during COVID, the breakout set a one-year high.
MRNA stock jumped by 12.6% last Friday to close at $67.27. It gained over 42% in only one month. Buyers stepped in after the firm said that is made progress on its cancer treatments, autoimmune diseases, and its next-gen mRNA products.
In the technology sector, investors rotated out of Micron Technology (MU) and the chip sector and bought back SaaS. This is an unusual strategy: Micron posted gross margins of over 85%. It booked chip sales through 2030, using take-or-pay agreements. This effectively ends the boom/bust chip cycle.
Software stocks like ServiceNow (NOW), Workday (WDAY), and Monday (MNDA) rallied. NOW stock added 9.85% and might re-take the $100 price level. ON Semiconductor lost 23.66% on June 26 to close at $90.65. The firm announced that it would buy Synaptics (SYNA) for $7 billion.
ON said it needed the acquisition to boost its play in the AI field. However, the benefits of adding Astra AI processors (having MPUs, MCUs, and integrated NPUs) are not clear. PC makers touted NPUs to power AI, but that advertorial did not draw buyers.
The rotation out of chip stocks sent Seagate (STX) and Western Digital (WDC) lower as well.
