Chips sink as investors await quarterly results from Nvidia, Analog Devices
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Semiconductor stocks were largely in the red on Tuesday as investors awaited key quarterly results from industry stalwarts Nvidia (NASDAQ:NVDA) and Analog Devices (NASDAQ:ADI).
Nvidia (NVDA) shares fell more than 3% on Tuesday after having hit a new 52-week high earlier in the session.
Optimism surrounding Nvidia (NVDA) has reached a fever-pitch, as investors await the release of the company's second-quarter results on August 23. In the past two weeks, no less than 10 Wall Street firms have come out in some way, shape or form and heaped praise on the Jensen Huang-led company. 
Three of them did it on Monday, including HSBC, which raised its target to $780, the second highest on Wall Street. 
AMD (AMD) shares fell more than 2.5%, while Intel (NASDAQ:INTC) shares slipped fractionally amid a report that it aims to boost advanced chip packaging capacity four-fold by 2025.
The Santa Clara, California-based chip giant is likely to use its new facility built in Penang, Malaysia to produce advanced 3D chip packaging.
Analog Devices (ADI) shares slipped around 0.5% ahead of the company's fiscal third-quarter results, slated to be released before the market open.
A consensus of analysts estimate that the company will earn $2.52 per share, excluding one-time items on $3.1B in revenue.
Shares of Texas Instruments (TXN), which competes with Analog Devices (ADI) in the automotive and industrial markets, were down around 0.7% in mid-day trading.
Broadcom (NASDAQ:AVGO) shares fell 1.3% even as the company's deal to acquire VMware (VMW) was cleared by the U.K.'s antitrust regulator, the Competition and Markets Authority, on Monday.
Most other semiconductor stocks were lower on Tuesday, including Qualcomm (QCOM), Micron (MU), NXP Semiconductors (NXPI) and ON Semiconductor (ON).
In other semiconductor news, British chip design firm Arm Holdings filed for an initial public offering on Monday, with the firm looking to go public on the Nasdaq.
Arm was purchased by SoftBank (OTCPK:SFTBY) in 2016 for $32B.

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