Intel paced the ongoing rout by sliding about 9% on Monday, bringing its total losses to more than half its value since the end of September following a poor forecast. The broader chip and storage sector has now relinquished roughly $3.7 trillion in valuation since October 6, hitting memory providers and dealmaking firms alike. Meanwhile, industry observers remain sharply divided on whether current prices reflect peak pessimism or signal a widening divide between sector leaders and laggards. Investors are focusing closely on Advanced Micro Devices, which is slated to post its third-quarter financial results on Tuesday after the bell.
Key points
Memory and storage manufacturers including Micron, Sandisk, Seagate, and Western Digital…: Memory and storage manufacturers including Micron, Sandisk, Seagate, and Western Digital each plunged between 6% and 8%.
Nvidia accounts for the semiconductor sector's largest dollar-value loss despite falling…: Nvidia accounts for the semiconductor sector's largest dollar-value loss despite falling a comparatively modest 16% since early October.
Advanced Micro Devices is scheduled to report its third-quarter earnings on Tuesday, prov…: Advanced Micro Devices is scheduled to report its third-quarter earnings on Tuesday, providing the next major catalyst for chip stocks.
Sources checked by our analysis pipeline: 1
Wall Street mostly swept up last week's tech wreckage Monday. Chip stocks kept tracking mud back through the house.
About 7 in 10 S&P 500 stocks rose Monday, yet nearly every chip stock fell, and the group shed more than $400 billion in market value in a single session, by Yahoo Finance calculations.
Intel (INTC) led the way down again.
The chipmaker slid about 9% after its worst day since 1974 on Oct. 30, when a disappointing forecast knocked nearly 29% off the stock. Monday's close left Intel worth less than half of what it was when September ended.
And the damage didn't stick to Intel.
Micron (MU), Sandisk (SNDK), Seagate (STX), and Western Digital (WDC) — the memory and storage names that led the chip boom this year — all got clobbered, falling roughly 6% to 8%. Marvell (MRVL) fell even harder, a drop that came as it agreed to buy Lumentum (LITE) in a $115 billion deal. Nvidia (NVDA) held up better than most, but it's still down about 16% since Oct. 6.
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