Intel dips on dividend cut as chip sector awaits Nvidia earnings
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Semiconductor stocks were largely lower on Wednesday as Intel (NASDAQ:INTC) cut its storied dividend in an effort to preserve cash and the industry awaited fourth-quarter results from Nvidia (NASDAQ:NVDA). 
Intel (INTC) shares fell nearly 2.5% after the chip giant said it was cutting its quarterly dividend to 12.5 cents a share from its earlier payment of 36.5 cents a share. In a statement, Intel (INTC) explained the dividend cut as part of a "deliberate approach to capital allocation [that] is designed to best position the company to create long-term value."
In addition to the dividend cut, Intel (INTC) reiterated its first-quarter forecast for an adjusted loss of 15 cents a share, with revenue forecast to be between $10.5B and $11.5B. 
Nvidia (NVDA) shares rose slightly more than 1% ahead of releasing its fourth-quarter results after the close of trading.
Last week, Bank of America said the increased interest in artificial intelligence was a positive catalyst for Nvidia (NVDA).
Coversely, Wells Fargo issued a recent warning that reduced capital expenditures among major tech players could be a negative for the chip company.
A consensus of analysts expect Nvidia (NVDA) will earn 80 cents per share on $6.02B in sales. 
AMD (AMD), which competes with both Intel (INTC) and Nvidia (NVDA), saw fractional losses in late-day trading.
Taiwan Semiconductor (NYSE:TSM) fell 0.6% after the New York Times reported that there has been internal dissension about the prospects of its new Arizona fab, slated to open in 2024.
Some employees that the news outlet spoke to questioned whether the company could find the right employees to operate the plant, while others worried if it was economically feasible, while adding the cultural differences between the workforces of the two nations.
Other semiconductor stocks were largely mixed in mid-day trading, with Broadcom (AVGO), Micron Technology (MU), On Semiconductor (ON) and Texas Instruments (TXN) declining modestly, while Qualcomm (QCOM) and Qorvo (QRVO) saw fractional gains.
Investment firm Bernstein said earlier this month that Intel (INTC) may never see its "peak" revenues from PCs ever again as competitors continue to take share.