Chip stocks and tech shares surged Monday, easing AI bubble fears. Broadcom, AMD, and Micron soared, while Tesla and Alphabet gained over 6%. A tech stock fund tracking the “Magnificent Seven” saw a 3.3% increase, the largest since May. Good news for the tech sector.

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1. Pfizer announces positive results in COVID-19 vaccine trial, showing over 90% effectiveness in preventing infection. Plans to seek emergency use authorization from FDA. Stock prices surge in response to the news.

2. Apple unveils new line of Mac computers, featuring its own M1 chip for improved performance and battery life. Company aims to transition away from Intel processors in all its products.

3. Tesla announces plans to join the S&P 500 index in December, following five consecutive quarters of profits. Market value surpasses $400 billion, making it one of the world’s most valuable companies.: Alphabet, Chip Stocks Lead Tech-Fueled Market Rebound