Intel leads chips lower as cautious comments from executives hit sector
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Intel (NASDAQ:INTC) shares led the broader semiconductor industry lower on Wednesday, after executives at the tech giant made comments that appeared to "talk down the quarter," citing worsening conditions.
Chief Financial Officer Dave Zinsner and Executive Vice President Sandra Rivera spoke at an investor conference and sounded "incrementally more cautious on its near-term outlook," according to Deutsche Bank analyst Ross Seymore. 
The Intel (INTC) executives cited three major headwinds, including customers reducing inventory levels, issues arising as China reopens after its Covid-related lockdowns and matched set issues. 
As a result, several analysts cut their earnings estimates on the Santa Clara, California-based Intel (INTC).
Intel (INTC) shares fell nearly 4.5% to $41.36 in mid-day trading on Wednesday, dragging down competitor Advanced Micro Devices (NASDAQ:AMD), Nvidia (NASDAQ:NVDA), Marvell Technology (NASDAQ:MRVL) along with it. 
Other chip stocks, including On Semiconductor (ON), Micron (MU) and Qualcomm (QCOM) also moved lower on Wednesday. 
The declines come after the World Semiconductor Trade Statistics said on Wednesday that it expects the global semiconductor market to rise 16.3% in 2022, with a forecast of $646B.
In a separate and unrelated matter, Intel (INTC) named April Miller Boise its new Executive Vice President and Chief Legal Officer on Wednesday.
Last month, investment firm Citi said Intel (INTC) and Advanced Micro Devices (AMD) could both be impacted by a weakened PC market, as notebook shipments came in below estimates for the fourth month in a row.