INDI - Why Indie Semiconductor Plunged Today
2024-06-17 15:07:44 ET
Shares of Indie Semiconductor (NASDAQ: INDI) fell on Monday, with the stock down as much as 10% in early trading before recovering to a 6.6% decline as of 2 p.m. ET.
The automotive semiconductor stock had been the subject of buyout rumors of late, but a slew of negative stories around electric vehicle (EV) demand in the past few days has caused it to sell back off. With no company-specific news to speak of, the across-the board declines in not just Indie but several EV chipmakers today are likely in response to the following EV news items -- with one involving Warren Buffett.
There has been lots of consternation in the electric vehicle industry these days, as generating demand beyond early EV adopters has been a challenge -- especially in the current interest rate environment.
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Why Indie Semiconductor Plunged Today