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U.S. chip stocks led by Nvidia Corp (NASDAQ:NVDA), Advanced Micro Devices, Inc (NASDAQ:AMD), Taiwan Semiconductor Manufacturing Co (NYSE:TSM), Broadcom Inc (NASDAQ:AVGO), Qualcomm Inc (NASDAQ:QCOM), Arm Holdings Plc (NASDAQ:ARM), Intel Corp (NASDAQ:INTC), Micron Technology, Inc (NASDAQ:MU) are trading lower on Wednesday.
Tesla Inc (NASDAQ:TSLA) and Google parent Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) second-quarter earnings on Tuesday failed to impress the Street and are dragging the stocks lower.
Tesla, a key Nvidia customer, reported second-quarter revenue growth of 2% year-on-year to $25.5 billion, beating the consensus estimate of $24.7 billion. EPS of $0.52 lagged the consensus estimate of $0.62.
Tesla’s second-quarter deliveries declined by 5% to 443,956. The production decreased by 14% to 410,831.
The EV giant expects quarter-on-quarter increases in production in the third quarter. The stock is down 12% Wednesday.
Alphabet, another crucial Nvidia client, reported second-quarter revenue growth of 14% year-on-year to $84.7 billion, beating the analyst consensus of $84.2 billion. EPS of $1.89 beat the analyst consensus of $1.85.
Google Search revenue was $48.5 billion (up from $42.6 billion) under Google Advertising, which reached $64.6 billion (up from $58.1 billion). Google Cloud revenue was $10.3 billion (up from $8.0 billion). The stock is down 4% Wednesday.
The growing geopolitical tensions between the U.S. and China, triggered by the Western counterpart’s advanced semiconductor sanctions on the Asian counterpart and Presidential candidate Donald Trump’s comments, have already taken a toll on the semiconductor sector since last week. Also this week, key U.S. tech giants visited Beijing despite the semiconductor sanctions, highlighting the importance of China as a critical semiconductor market.
The VanEck Semiconductor ETF (NASDAQ:SMH) and iShares Semiconductor ETF (NASDAQ:SOXX), which represent the broader semiconductor industry, are down over 2% on Wednesday.
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Posted In: AMD ARM AVGO GOOG GOOGL INTC MU NVDA QCOM SMH SOXX TSLA TSM
