TSM - Why C3.ai Intel Advanced Micro Devices and Other Artificial Intelligence (AI) Stocks Slumped on Friday
2024-04-12 17:21:19 ET
One of the biggest catalysts propelling the market higher over the past year or so has been the advent of artificial intelligence (AI) . Businesses and market watchers alike agree that the potential for productivity increases could boost profits, benefiting enterprises and shareholders alike. Investors are also waiting on the edge of their seats for insight from the Federal Reserve Bank regarding the future trajectory of interest rates, and when the central bank might reverse course and begin cutting interest rates.
With that as a backdrop, AI software maker C3.ai (NYSE: AI) fell 5.2%, chipmaker Intel (NASDAQ: INTC) tumbled 5.2%, semiconductor specialist Advanced Micro Devices (NASDAQ: AMD) slumped 4.2%, memory and storage solutions specialist Micron Technology (NASDAQ: MU) dropped 3.9%, and foundry Taiwan Semiconductor Manufacturing (NYSE: TSM) tumbled 3.2% by the time the market closed on Friday.
A check of all the usual suspects -- regulatory filings, financial reports, and changes to analysts' price targets -- revealed a few bits of company-specific news to explain the falling stock prices (more on that in a bit), which suggests many investors are keenly focused on the economy and geopolitical conflicts.
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Why C3.ai, Intel, Advanced Micro Devices, and Other Artificial Intelligence (AI) Stocks Slumped on Friday