Intel, Nvidia, Micron lead chip sell-off as geopolitical tensions increase
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Contributor since / Followers
Contributor since / Followers
2 months ago
Monty Rakusen
- Semiconductor stocks were among the hardest groups on Tuesday as geopolitical tensions increased between Israel and Iran.
- Nvidia (NASDAQ:NVDA) shares fell 3.7% in midday trading, while Intel (NASDAQ:INTC) saw losses of 4.5%. Micron (NASDAQ:MU) was also among the biggest losers, falling 3.7%. Nvidia reportedly halted development of its GB200 NVL36*2 dual-rack 72 GPUs, TF International Securities analyst Ming-Chi Kuo said on Tuesday.
- Semiconductor stocks tied to Apple (AAPL) also fell on Tuesday, as Barclays wrote in a research note that it believes the iPhone maker may have cut production builds on the iPhone 16 by approximately 3M units. Qualcomm (QCOM), which makes modems for the iPhone, lost 2.8%, while Skyworks Solutions (SWKS) and Qorvo (QRVO) fell 3.9% and 3.3%, respectively.
- Analog suppliers also shed value, as Texas Instruments (TXN), NXP Semiconductors (NXPI) and Analog Devices (ADI) lost between 3% and 4% each.
- AMD (AMD) shares fell 2.9% as Citi downgraded the PC sector, including cutting its rating on HP.