US chip stocks down after AMD, QRVO dour forecasts

Qorvo

30/10/2024 14:39

(Updates)
    ** U.S.-listed chip stocks fall after Advanced Micro Devices
 AMD.O  and chipmaker Qorvo  QRVO.O  dour forecasts
    ** AMD on Tuesday forecast Q4 rev. just shy of estimates and
raised its AI chip sales forecast to $5 bln for 2025 -  not
enough to impress investors looking for a bigger windfall from
the AI boom
    ** Qorvo on Tuesday forecast Q3 rev and profit below Wall
Street estimates, pressured by stiff competition and a consumer
shift towards entry-tier smartphones
        ** QRVO sees Q3 rev of $900 mln, plus or minus $25 mln,
below analysts' estimates of $1.06 bln, according to data
compiled by LSEG
  
    ** Other chips stocks fall; Philadelphia SE Semiconductor
index  .SOX  down 2%  
    ** AMD down 9.1% while QRVO falls 24.7%, making stock
biggest SOX loser by far
    ** AI darling Nvidia  NVDA.O  falls 1.4% 
    ** Micron  MU.O  down 1.7%, Broadcom  AVGO.O  slips 0.5%
    ** Qualcomm  QCOM.O  down 2.9%
    ** U.S.-listed shares of British chip designer Arm Holdings
 ARM.O  down 2.2%, while Marvell Technology  MRVL.O  falls 1.3%
    ** iShares semiconductor ETF  SOXX.O  down 2.3%, and VanEck
Semiconductor ETF  SMH.O  slips 1.8%

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))