AMD, NXP, Nvidia lead semiconductors higher ahead of AMD's Q4 results
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AMD (NASDAQ:AMD), NXP Semiconductor (NASDAQ:NXPI) and Nvidia (NASDAQ:NVDA) led semiconductors higher on Tuesday ahead of AMD's fourth-quarter results, set to be released after the close of trading.
AMD (AMD) rose more than 3%, while Nvidia (NVDA), which competes in the CPU and GPU space with AMD (AMD), tacked on 1.6%.
NXP (NXPI) erased premarket losses and rose 2.8% even after the Dutch semiconductor company reported mixed fourth-quarter results and issued weak guidance.
Led by CEO Kurt Sievers, NXP Semiconductors (NXPI) said it earned $2.76 per share on $3.31B in revenue, compared to analyst estimates of $2.77 per share and $3.3B in revenue. Adjusted gross margin during the period was 58% and adjusted operating margin was 36.5%. 
Looking ahead to the first quarter, NXP (NXPI) said it expects revenue to be between $2.9B and $3.1B, below the consensus estimate of $3.18B. NXP (NXP) also said it expects earnings to be between $2.82 and $3.22 per share, with the mid-point below the consensus estimate of $3.15 per share.
Texas Instruments (TXN) and Analog Devices (ADI), which both compete with NXP Semiconductors (NXPI), rose 1.6% and 0.9%, respectively.
Lam Research (NASDAQ:LRCX) shares rose nearly 3.5% on Tuesday after investment firm Citi opened a positive catalyst watch on the chip equipment maker.
Competitors Applied Materials (AMAT), KLA Corp. (KLAC) and ASML Holdings (ASML) also saw gains, led by a 2% gain for Applied Materials.
Industry stalwarts Intel (INTC), Qualcomm (QCOM) and Broadcom (AVGO) also moved higher, while Micron (MU) fell nearly 3.5% following comments made by Samsung (OTCPK:SSNLF) that it would not cut capital spending in 2023, continuing to pressure the memory chip market.
Last week, investment firm Bernstein downgraded its rating on AMD (AMD) to market perform, citing worries about the health of the PC market.