Advanced Micro Devices, Nvidia lead chip decline even as Qualcomm rises on rumor
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Advanced Micro Devices (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) shares led the semiconductor industry in the red on Tuesday, as the broader tech sector fell sharply on worries over falling consumer confidence and rising inflation.
AMD (AMD) fell more than 6% after the company said it was looking into a claim by cyberterrorist group RansomHouse that it illegally obtained 450 GB worth of data. 
AMD (AMD) and Nvidia (NVDA), which saw its shares fall nearly 5%, were also both weighed down on concerns over declining GPU prices and sales. 
Santa Clara, California-based Intel (INTC) shares fell slightly more than 1% on Tuesday, though several other semiconductor companies, including Analog Devices (ADI), Micron Technology (MU) and Broadcom (AVGO) each fell less than 1%.
Chip equipment makers, including Applied Materials (AMAT), Lam Research (LRCX) and KLA Corp. (KLAC) saw their shares fall between 1.5% and 2.5% as investment firm UBS cut earnings estimates and price targets on the group, citing lower forecasts for the rest of the year and into 2023.
Conversely, Qualcomm (NASDAQ:QCOM) shares rose more than 5% after an influential analyst said that the San Diego-based chipmaker would retain the modem business for Apple (AAPL) iPhones after Apple reportedly failed in creating its own modem chip.
TF International Securities analyst Ming-Chi Kuo tweeted on Tuesday that his latest survey indicates that Apple (AAPL) was not successful with its development to replace Qualcomm (QCOM) and instead of using its own chips for modems, it will use Qualcomm for 100% of its supplies, compared to Qualcomm's (QCOM) own previous estimates of 20%.
Separately on Tuesday, Intel (INTC) reportedly cut the price of its Alder Lake CPUs due to continued weakness in the PC market.