Qorvo, Allegro MicroSystems, and Lattice Semiconductor stocks jump after Nvidia's Q1 beat and AI capex acceleration signal

Qorvo (NASDAQ:QRVO) jumped 7.2%, Allegro MicroSystems (NASDAQ:ALGM) jumped 3%, and Lattice Semiconductor (NASDAQ:LSCC) jumped 3% in afternoon trading. The moves followed Nvidia's Q1 results (beat-and-raise on $81.6B revenue with Q2 guidance of $89-92.8B and an $80B new buyback) and broader market rally on Iran peace progress.

The rally was driven by a message that AI capex is accelerating, not slowing. Demand for GPUs enables further demand for CPUs, custom silicon, and networking chips in a reinforcing cycle. When rates cool, hyperscalers can fund the next buildout more cheaply.

Qorvo shares are not very volatile and have only had 8 moves greater than 5% over the last year, indicating the market considers this news meaningful. Qorvo is up 21.7% since the beginning of the year and at $105.00 per share has set a new 52-week high.