Nvidia, AMD, semicap stocks lead sector weakness to end week
jiefeng jiang/iStock via Getty Images
Semiconductor stocks looked to end the week on a down note, led by downturns in Nvidia (NASDAQ:NVDA), AMD (NASDAQ:AMD) and semiconductor capital equipment stocks.
Nvidia (NVDA) fell more than 3% on Friday as it looked to hold onto the $1T valuation it surpassed in June. Shares have fallen more than 9% over the past week and nearly 3.5% over the past month as investors have questioned whether the bubble in artificial intelligence stocks is nearing an end.
Competitors AMD (AMD) and Intel (INTC) slipped 2.5% and 0.5%, respectively.
Semiconductor capital equipment stocks continued their weakness from earlier in the week, as Applied Materials (NASDAQ:AMAT), Lam Research (LRCX) and KLA Corp. (KLAC) each fell 3% or more. Over the past week, the trio are down more than 4% each, but up over the past month amid concerns about export controls concerning China's semiconductor industry.
On Thursday, it was reported that Chinese companies had placed orders for $5B worth of Nvidia chips amid concerns about further export controls.
Executives from China's semiconductor industry reportedly called on the sector this week to have greater self-reliance of the supply chain.
Broadcom (NASDAQ:AVGO) shares fell nearly 2% even as a court filing suggested that the Hock Tan-led company and Apple (AAPL) had reached a "potential settlement" with the California Institute of Technology over a patent lawsuit.
Most other semiconductor stocks were lower to end the week, including Qualcomm (QCOM), Analog Devices (ADI), Micron Technology (MU) and Texas Instruments (TXN), all of which fell 1% or more.
ON Semiconductor (ON), NXP Semiconductors (NXPI) and Qorvo (QRVO) dropped 2% or more.
More on semiconductors

Chinese chip industry execs call for greater supply chain self-reliance - report
Biden issues order restricting certain US tech investments in China; UK mulls
Nvidia Stock: 6 Reasons To Think Twice Before Buying