Chips fall as volatile currency markets add to fears; Intel's Mobileye expands Geely deal
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Semiconductor stocks erased their initial gains on Monday as traders continued to sell technology stocks on increasing worries over the global economy and the implications of rising interest rates.
Intel (NASDAQ:INTC) fell 1% in mid-day trading even as the company's Mobileye unit, which it had been preparing for an initial public offering, expanded its partnership with Chinese multinational automotive company Geely (OTCPK:GELYY).
In a statement, Mobileye and Geely said the expanded agreement would include three Geely brands set to launch electric vehicles starting next year. ZEEKR would also introduce Mobileye SuperVision on two new EV models and would start to develop additional lidar-based features with Mobileye. 
In addition, Intel (INTC) has reportedly picked the town of Vigasio in the Italian region Veneto, roughly 70 miles west of Venice, for its new multi-billion dollar chip factory in the European country.
Several other chip stocks, including Advanced Micro Devices (NASDAQ:AMD), Nvidia (NVDA), Micron Technology (MU) and NXP Semiconductors (NXPI) also fell more than 1% in mid-day trading.
A number of media outlets gave positive reviews to AMD's (AMD) new Ryzen 7600X and 7950X chips on Monday.
Late last month, AMD (AMD) unveiled its new Ryzen 7000 series of processors, including what it described as the "fastest core" in gaming.
Global financial markets continued to be uneasy as volatile currency markets raised concerns. On Monday, the British pound fell nearly 5% to almost parity with the U.S. dollar, before recently erasing some of those losses, down 1.5%.
Last week, the Japanese central bank intervened in the currency markets and propped up the yen after it fell to a 24-year low against the U.S. dollar.
Last week, Bank of America lowered estimates on both AMD (AMD) and Intel (INTC), pointing to a "further deterioration" in the consumer PC market and getting rid of excess inventory.