Texas Instruments, AMD lead chip sell-off as investors await Q1 results, new products
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Texas Instruments (NASDAQ:TXN) and AMD (NASDAQ:AMD) were among the largest decliners in the semiconductor industry on Tuesday as investors awaited first-quarter results from TI.
Texas Instruments (TXN) slipped more than 2.5% as investors awaited first-quarter results. A consensus of analysts expect the company to earn $1.81 per share on $4.37B in revenue.
Analog Devices (ADI), which competes with Texas Instruments (TXN), dropped 2.6% in sympathy.
AMD (AMD) shares tumbled more than 3% even as the company introduced its Ryzen Z1 series of processors to be used for handheld game consoles.
The Dr. Lisa Su-led AMD (AMD) said its Ryzen Z1 processors will be available first in the Asus ROG Ally, with availability and pricing for the new device announced on May 11.
Nvidia (NVDA) shares skidded 2.4% as the company announced a toolkit that it says will make generative artificial intelligence chatbots safer.
Separately on Tuesday, Austrian investment firm Erste upgraded Nvidia (NVDA), citing its prowess in data centers and artificial intelligence.
Intel (INTC), which competes with both AMD (AMD) and Nvidia (NVDA), fell 2.2% amid a wider market sell-off stemming from earnings and concerns in the banking sector.
ASML (NASDAQ:ASML) slipped 3.1% as Stifel downgraded the semiconductor equipment maker, citing the end to its outperformance.
Analyst Juergen Wagner said the shift from lead-edge semiconductors to mature production is likely to cause a slowdown in extreme ultraviolet lithography tools, as "evidenced by a weak order intake for EUV tools in Q1 (down [more than] 50% Q/ Q)." 
"This should negatively impact growth expectations for 2024 (and 2025), according to our analysis," Wagner added.
Other chip companies lost ground on Tuesday, including Qualcomm (QCOM), NXP Semiconductors (NXPI) and Skyworks Solutions (SWKS), all of which fell 2% or more. ON Semiconductor (ON) and Monolithic Power Systems (MPWR) also lost ground on Tuesday.
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