Semiconductor stocks were mixed on Tuesday, amid a flurry of industry news and corporate earnings.
Nvidia (NASDAQ:NVDA) shares rose 1% after U.S. President Donald Trump said he would meet with CEO Jensen Huang during the president’s trip to Asia. (Trump also met with Apple CEO Tim Cook and Salesforce CEO Marc Benioff). Huang will also reportedly meet with the CEOs of Samsung (OTCPK:SSNLF) and Hyundai to discuss collaborating on artificial intelligence.
Intel (INTC) shares rose 2.5% after Supermicro (NASDAQ:SMCI) said it collaborated with the Lip Bu-Tan-led company and Micron (NASDAQ:MU) on hitting a record-breaking STAC-M3 benchmark, which measures time-series database performance used in algorithmic trading and backtesting workloads. Micron shares fell 0.7%, even as Mizuho Securities raised its price target on the memory maker to $265 from $240. Separately, on Tuesday, the chairman of Micron competitor SK Group, Chey Tae-won, said that the rapid development of AI data centers is creating bottlenecks.
AMD (AMD), which competes with Intel and Nvidia, continued its recent gains and rose 1.2%. Over the past month, shares of the Dr. Lisa Su-led company are up more than 62%.
ASML (NASDAQ:ASML) shares were down fractionally in early trading after Bloomberg reported that a Peter Thiel-backed startup, Substrate, is looking to go after its market. Substrate, which has raised $100M at a valuation of more than $1B, is also looking to go after Taiwan Semiconductor (TSM) and become a semiconductor foundry.
Qualcomm shares fell 2.8%, one day after announcing its entry into the AI accelerator market. Bank of America said the move adds “meaningful diversification” to the Cristiano Amon-led company.
Amkor Technology (NASDAQ:AMKR) shares fell 8.5% after it reported in-line third-quarter results and announced the retirement of CEO Giel Rutten. Rutten will step down as Amkor’s President and CEO at the end of the year, but he will remain a member of its board of directors. He will be replaced by Amkor’s COO Kevin Engel. Engel will also join the board of directors upon his move to the CEO spot, effective Jan. 1.
Commvault Systems (NASDAQ:CVLT) shares fell 14% after it reported third-quarter results and guidance.
NXP Semiconductors (NXPI) fell 3.5% even as it reported third-quarter results and guidance that topped analyst estimates, leading to some praise from Wall Street. Competitors Texas Instruments (TXN) and Analog Devices (ADI) moved lower in conjunction with NXP’s results.