TXN - Texas Instruments AMD lead chip sell-off as investors await Q1 results new products
2023-04-25 11:57:09 ET
Texas Instruments ( NASDAQ: TXN ) and AMD ( NASDAQ: AMD ) were among the largest decliners in the semiconductor industry on Tuesday as investors awaited first-quarter results from TI.
Texas Instruments ( TXN ) slipped nearly 2% as investors awaited first-quarter results. A consensus of analysts expect the company to earn $1.81 per share on $4.37B in revenue.
Analog Devices ( ADI ), which competes with Texas Instruments ( TXN ), dropped 2% in sympathy.
AMD ( AMD ) shares fell nearly 2% even as the company introduced its Ryzen Z1 series of processors to be used for handheld game consoles.
The Dr. Lisa Su-led AMD ( AMD ) said its Ryzen Z1 processors will be available first in the Asus ROG Ally, with availability and pricing for the new device announced on May 11.
Nvidia ( NVDA ) shares fell 1.6% as the company announced a toolkit that it says will make generative artificial intelligence chatbots safer.
Separately on Tuesday, Austrian investment firm Erste upgraded Nvidia ( NVDA ), citing its prowess in data centers and artificial intelligence.
Intel ( INTC ), which competes with both AMD ( AMD ) and Nvidia ( NVDA ), fell 1.9% amid a wider market sell-off.
ASML ( NASDAQ: ASML ) slipped 1.4% as Stifel downgraded the semiconductor equipment maker, citing the end to its outperformance.
Analyst Juergen Wagner said the shit from lead-edge semiconductors to mature production is likely to cause a slowdown in extreme ultraviolet lithography tools, as "evidenced by a weak order intake for EUV tools in Q1 (down [more than] 50% Q/ Q)."
"This should negatively impact growth expectations for 2024 (and 2025), according to our analysis," Wagner added.
Other chip companies lost ground on Tuesday, including Qualcomm ( QCOM ), NXP Semiconductors ( NXPI ) and Skyworks Solutions ( SWKS ), all of which fell 2% or more. ON Semiconductor ( ON ) and Monolithic Power Systems ( MPWR ) also lost ground on Tuesday.
More on Texas Instruments and semiconductors
- Texas Instruments Q1 2023 earnings on deck, what to expect
- 'Weak' IT spending in March may have impacted chips: UBS
- European Union finalizes $47B Chips Act to compete with U.S., Asia
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Texas Instruments, AMD lead chip sell-off as investors await Q1 results, new products