A strong rally in Apple shares on Wednesday capped a week-long rebound in US technology stocks that has Wall Street rethinking whether it underestimated the industry’s resilience after a sharp sell-off of the sector’s biggest names just a month ago.
Apple’s climb — its shares rose more than 4 per cent in afternoon New York trading — was accompanied by an increase in the value of several of its most important suppliers, which had also been beaten down in recent weeks amid worries the iPhone was losing its lustre among consumers.
Shares in Austria’s AMS, which makes sensors used in Apple products and had warned of weaker orders from a “large smartphone programme” last month, enjoyed a sharp recovery, climbing more than 8 per cent. Dialog Semiconductor, which makes power management systems for the iPhone, climbed 8 per cent in Frankfurt.