Analog Devices leads chip stocks lower as sector awaits Nvidia's results
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Analog Devices (NASDAQ:ADI) led semiconductor stocks lower on Wednesday ahead of quarterly results from industry stalwart Nvidia (NASDAQ:NVDA). 
Analog Devices (ADI) fell more than 8% after it said it expects third-quarter sales to be between $3B and $3.2B, with the mid-point below the $3.16B that analysts were expecting.
It also expects adjusted earnings to be $2.52 per share, plus or minus 10 cents, with the mid-point below the estimate of $2.65 per share.
Texas Instruments (TXN) and NXP Semiconductors (NXPI), both of which compete with Analog Devices, dropped on the news.
Broadcom (NASDAQ:AVGO) slipped less than 1% even as Bank of America praised the company's recent deal with Apple (AAPL), saying it removes a "key" overhang.
"We reiterate Buy on AVGO on this improved certainty, and separately on its highly underappreciated/overlooked position as a leading provider of custom AI computing and switching silicon," analyst Vivek Arya wrote.
Lattice Semiconductor (LSCC) fell more than 6% as investment firm Raymond James started coverage on the specialty chip maker with a market perform rating.
"While managementâs execution has been among the best in the industry, we do not believe LSCC is immune from industry cyclicality," the analysts at the firm wrote. "Data Center/5G growth is already weakening, and we expect Industrial/Auto momentum to slow in [the second-half of 2023]."
Micron (MU) shares slipped fractionally as investors continued to digest China's ban of the memory chip maker. 
Separately South Korea's government has asked the Biden Administration to review its criteria for subsidies under the CHIPs Act, Reuters reported.
South Korea is home to two of Micron's (MU) largest competitors, Samsung (OTCPK:SSNLF) and SK Hynix.
Nvidia (NVDA) shares fell more than 2% as investors awaited its quarterly results. Analysts expect the company to earn 92 cents per share on $6.52B in revenue.
AMD (NASDAQ:AMD), which competes with Nvidia in the GPU space, fell slightly more than 1% as it unveiled a new lost GPU, the AMD Radeon RX 7600.
Other S&P 500 semiconductor stocks were lower on Wednesday, including Intel (INTC), Qualcomm (QCOM), ON Semiconductor (ON) and Skyworks Solutions (SWKS), among others.
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