TXN - Nvidia AMD semicap stocks lead sector weakness to end week
2023-08-11 13:00:05 ET
Semiconductor stocks looked to end the week on a down note, led by downturns in Nvidia ( NASDAQ: NVDA ), AMD ( NASDAQ: AMD ) and semiconductor capital equipment stocks.
Nvidia ( NVDA ) fell more than 3% on Friday as it looked to hold onto the $1T valuation it surpassed in June. Shares have fallen more than 9% over the past week and nearly 3.5% over the past month as investors have questioned whether the bubble in artificial intelligence stocks is nearing an end.
Competitors AMD ( AMD ) and Intel ( INTC ) slipped 2.5% and 0.5% , respectively.
Semiconductor capital equipment stocks continued their weakness from earlier in the week, as Applied Materials ( NASDAQ: AMAT ), Lam Research ( LRCX ) and KLA Corp. ( KLAC ) each fell 3% or more. Over the past week, the trio are down more than 4% each, but up over the past month amid concerns about export controls concerning China's semiconductor industry.
On Thursday, it was reported that Chinese companies had placed orders for $5B worth of Nvidia chips amid concerns about further export controls.
Executives from China's semiconductor industry reportedly called on the sector this week to have greater self-reliance of the supply chain.
Broadcom ( NASDAQ: AVGO ) shares fell nearly 2% even as a court filing suggested that the Hock Tan-led company and Apple ( AAPL ) had reached a "potential settlement" with the California Institute of Technology over a patent lawsuit.
Most other semiconductor stocks were lower to end the week, including Qualcomm ( QCOM ), Analog Devices ( ADI ), Micron Technology ( MU ) and Texas Instruments ( TXN ), all of which fell 1% or more .
ON Semiconductor ( ON ), NXP Semiconductors ( NXPI ) and Qorvo ( QRVO ) dropped 2% or more.
More on semiconductors
- Chinese chip industry execs call for greater supply chain self-reliance - report
- Biden issues order restricting certain US tech investments in China; UK mulls
- Nvidia Stock: 6 Reasons To Think Twice Before Buying
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Nvidia, AMD, semicap stocks lead sector weakness to end week