Semiconductor stocks struggle despite Analog Devices strength
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Semiconductor stocks were mostly lower on Wednesday, unable to rally despite strong results and guidance from industry stalwart Analog Devices (NASDAQ:ADI).
Intel (NASDAQ:INTC) saw fractional losses after investment firm Bernstein said it may never see "peak" revenues from the PC market again.
Analyst Stacy Rasgon noted that PC shipments in the fourth-quarter fell nearly 30% year-over-year, but inventory is being worked off. Notebook CPUs are now under-shipping notebook PCs by roughly 25% and desktop CPUs are also under-shipping desktop PCs.
And while Rasgon believes the correction still has "some ways to go," it looks as if Intel (INTC) is trying to prolong the correction, citing the use of its excess as a "weapon," providing incentives to customers to pull forward purchases at an "accelerating rate."
"[T]his suggests that the channel drain will take longer than it should, as customers, even if flushing out inventory, are still likely buying more parts than they otherwise would have," Rasgon added.
Rasgon has an underperform rating on Intel (INTC) and market perform rating on AMD (AMD).
AMD (AMD) fell around 2.5%, while Nvidia (NVDA), which also competes with Intel (INTC), fell 2%.
Qualcomm (NASDAQ:QCOM) shares fell 0.7% as the company showed off the industry's first advanced-ready 5G modem-RF chip that can be used not only in smartphones, but mixed reality headsets, 5G networks and other areas.
San Diego, California-based Qualcomm (QCOM) said the Snapdragon X75 5G Modem-RF chip utilizes artificial intelligence that's two-and-a-half times faster than previous AI used and better software to bring faster connections to devices, while also allowing them to get better signal strength, data speed and coverage.
The Cristiano Amon-led company added the chips can also be used in vehicles, an increasing component of the company's business, as well as PCs, factories and fixed wireless access networks. 
The Snapdragon X75 is expected to be in commercial devices by the second-half of 2023, Qualcomm (QCOM) explained.
Analog Devices (ADI) gained more than 6% in mid-day trading after the analog semiconductor company said it earned an adjusted $2.75 per share on $3.25B in revenue for the period ending January 28, up 21% year-over-year. Analysts were looking for $2.60 per share in earnings and $3.15B in revenue.
Analog Devices (ADI) CEO and Chair Vincent Roche said "resilient" demand in industrial and automotive markets, along with continued momentum in areas such as automation and electrification, helped the results.
Looking to the second-quarter, Analog (ADI) expects revenue to be between $3.1B and $3.3B, topping the analyst consensus of $3.03B. The company expects adjusted earnings per share to be between $2.65 and $2.85, compared to analysts' expectations of $2.42 per share.
Competitors Texas Instruments (TXN) and NXP Semiconductors (NXPI) rose around 0.5% following the results. 
Several other semiconductor stocks moved lower on Wednesday, including Broadcom (AVGO), Micron Technology (MU), ON Semiconductor (ON) and Skyworks Solutions (SWKS).
On Tuesday, hedge fund Greenlight Capital, disclosed it exited its stake in Intel (INTC) during the fourth-quarter, while making several other changes to its portfolio.