Chip stocks climb as Intel sees Q3 profit ahead of estimates

Ai Holdings

28/07/2023 10:07

** Shares of U.S. semiconductor companies gain premarket
after chipmaker Intel  INTC.O  forecasts Q3 profit above
estimates
    ** INTC signals beginning of the end of semiconductor-supply
glut, but outlook for demand from customers outside AI industry
remains gloomy
    ** This glut, however, has started to ease largely due to
production cuts and as decline in PC shipments eased to 11% in
June-qtr compared to 30% slump in each of the previous two
quarters - data from Canalys
    ** INTC forecast Q3 adj EPS of 20 cents vs analysts' est of
16 cents - Refinitiv
    ** Nvidia  NVDA.O , Advanced Micro Devices  AMD.O , Micron
Technology  MU.O  and Marvell Technology  MRVL.O , Qualcomm
 QCOM.O  gain 1%-2%
    ** AI-linked firms including C3.ai  AI.N , Palantir
Technologies  PLTR.N , Guardforce AI  GFAI.O , BigBear.ai
Holdings  BBAI.N  gain 1.2%-3.5%
    ** YTD, INTC up 30.72%, NVDA up ~215%, AMD up 71.53%, MU up
42.20%, MRVL up 72,49%, QCOM up ~15% vs Philadelphia SE
Semiconductor index  .SOX , which is up 48.82% 

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))