Nvidia leads semiconductors lower to start 2023 off in the red
Justin Sullivan

Nvidia (NASDAQ:NVDA) shares fell almost 3% Tuesday despite several announcements from the company, including the fact it is bringing its GeForce NOW cloud gaming service to cars. 
Nvidia (NVDA) said the cloud gaming service, which has more than 1,000 titles to play, including The Witcher 3: Wild Hunt and Cyberpunk 2077, would be available for certain cars made by the Hyundai Motor Group, including Hyundai, Kia and Genesis brands.
The streaming service is also coming to Chinese automaker BYD and Polestar (PSNYW), the Jensen Huang-led Nvidia (NVDA) announced.
In a separate GeForce NOW-related move, Nvidia (NVDA) said it would bring its RTX 4080 GPU to the high-end version of the service.
In addition, NVIDIA announced a strategic deal with Foxconn, also known as Hon Hai, to develop automated and autonomous vehicle platforms.
Nvidia (NVDA) also took the wraps off GeForce RTX 40 Series laptops and said it had partnered with Mercedes to modernize the automaker's factories.
However, Nvidia's (NVDA) decline also highlighted a rocky start to the 2023 trading year as the downtrend seen in 2022 amid recession worries, rising inflation and interest rates continued to weigh on the chip sector.
Nvidia (NVDA) competitor Advanced Micro Devices (AMD), which was highlighted by several investment firms for 2023, including Bernstein, fell 1.2%.
Intel (NASDAQ:INTC) shares rose 0.5% as the company announced its 13th generation mobile processor family, including its new flagship 24-core Core i9-13980HX processor.
Taiwan Semiconductor (NYSE:TSM) fell nearly 1% after a Japanese news outlet reported that Apple (AAPL) giant had cut production orders for the MacBook, Apple Watch and AirPods.
Apple (AAPL) shares fell nearly 4% on the news, hitting levels not seen since April 2021.
Other chip suppliers were mostly negative on Tuesday, with Qualcomm (QCOM), Texas Instruments (TXN), Analog Devices (ADI) and Broadcom (AVGO) falling approximately 1% each.
In December, UBS said it was bullish on chips going into 2023, picking Nvidia (NVDA) as one of its top picks, as it forecast momentum building in the back half of the year.