Nvidia, AMD lead chips lower as SOX index at lowest levels in nearly two years
sankai

Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) led semiconductor stocks lower on Thursday as the broader sector looks set to close at its lowest levels not seen since November 2020.
The Philadelphia Semiconductor Index, which tracks 30 of the largest chip companies, fell nearly 3% in late morning trading on Thursday, while the tech-heavy Nasdaq was down nearly 1.7%.
Nvidia (NVDA) fell nearly 5% and AMD (AMD) dropped slightly more than 4.5% as investment firm Bank of America cut its earnings estimates for AMD and competitor Intel (INTC) due to the weakening PC market.
"While one more cut is unwelcome, our sense is we are nearing the end of PC related cuts especially for AMD," analyst Vivek Arya wrote, noting that the firm's estimates now show an 11% year-over-year decline for 2023.
Arya now expects Intel to generate $64.95B in revenue in 2022 and $66.66B in 2023, down from a prior view of $66.5B and $68.5B, respectively.
For AMD (AMD), he expects the Dr. Lisa Su-led company to generate $25.76B and $28.09B in sales, down from a previous outlook of $26.05B and $28.68B, respectively.
Intel (INTC) shares fell nearly 1.5% at $28.11, continuing to make new 52-week lows.
Texas Instruments (TXN), Broadcom (AVGO) and Qualcomm (QCOM) also fell on Thursday, down nearly 2%.
Qualcomm (QCOM) is slated to hold its automotive investor day starting at 3 p.m. EST.
Seeking Alpha is slated to interview the company's CFO, Akash Palkhiwala, to discuss the event.
Earlier this month, investment firm Stifel started coverage on Advanced Micro Devices (AMD), highlighting the company's strong execution and an "expanding IP portfolio."