Advanced Micro Devices, Qualcomm plunge as chips fall on recession risks
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Advanced Micro Devices (NASDAQ:AMD) and Qualcomm (NASDAQ:QCOM) shares plunged nearly 8% on Thursday, leading the chip sector sharply lower amid worries over rising inflation, a looming recession and concerns over a potential supply glut.
Amid the broader tech sell off, which sent the NASDAQ down more than 4%, other chip makers such as Nvidia (NASDAQ:NVDA), Marvell Technology (NASDAQ:MRVL), NXP Semiconductors (NXPI), Analog Devices (ADI) and Broadcom (AVGO) all fell sharply, ending the day down 5% or more, led by Marvell's nearly 8.5% drop.
Intel (INTC) and Texas Instruments (TXN) saw more modest declines, falling roughly 3% each. On Wednesday, Intel (INTC) announced that its Arc GPU would be available in China.
The Philadelphia Semiconductor Index, which tracks the broader semiconductor industry, fell more than 6% on the day.
Amid worries over a looming recession and rising inflation, Samsung (OTC:SSNLF) asked suppliers to delay or reduce shipments of components, according to Nikkei Asia.
According to the news outlet, citing four people familiar with the matter, Samsung Electronics (OTC:SSNLF) is temporarily halting new orders and asked for the delays or smaller shipments of components for a number of product lines, including TVs, home appliances and smartphones due to concerns over inventories and inflation.
One of the people added that a planned shipment for July was cut by as much as 50%.
Samsung (OTC:SSNLF), which makes consumer electronics such as smartphones, TVs and PCs, as well as its own semiconductors, saw its shares fall 6.5% on Thursday.
Last week, Advanced Micro Devices (AMD) held its analyst day where it updated its product roadmap and financial targets.