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Semiconductor, hardware, and artificial intelligence-linked stocks led by Nvidia Corp (NASDAQ:NVDA) are down as the sector continues to pull back.
AI stocks led by Nvidia, Advanced Micro Devices, Inc (NASDAQ:AMD), and Taiwan Semiconductor Manufacturing Co (NYSE:TSM) selloff continue their downward price trajectory as the Nvidia and Broadcom Inc (NASDAQ:AVGO) quarterly prints failed to impress the Street.
Broadcom released its third-quarter earnings on Thursday. The topline grew 42% to $13.07 billion in the third quarter, topping the analyst estimate of $12.96 billion. The chipmaker expects fourth-quarter revenue of $14 billion, above the analyst consensus of $12.70 billion. The adjusted gross margin grew by 110 bps sequentially and 230 bps year-on-year to 77.4%.
JPMorgan analyst Harlan Sur projected upside, citing robust AI growth, VMware momentum, and recovery in traditional semiconductor sectors.
Last week, Nvidia’s second-quarter topline grew 122% to $30.04 billion, surpassing the analyst estimate of $28.68 billion. It expects third-quarter revenue of $31.85 billion-$33.15 billion versus the analyst consensus of $31.77 billion. The adjusted gross margin declined 320 bps sequentially and grew by 450 bps year-on-year.
BofA Securities analyst Vivek Arya maintained a bullish outlook backed by data center and AI training demand and supply chain recovery.
VanEck Semiconductor ETF (NASDAQ:SMH), which tracks the overall performance of the 25 largest U.S.-listed companies that produce semiconductors, including Nvidia, Taiwan Semiconductor, Broadcom, and AMD, has been down 12% in the last five days. iShares Semiconductor ETF (NASDAQ:SOXX) fell 12% in the previous five days.
Nvidia has been down 15% in the last five days. AMD lost over 10%, and Taiwan Semiconductor lost 8%. The selloff refused to subside despite assurances from contract chipmakers like Taiwan Semiconductor and Samsung Electronics (OTC:SSNLF) regarding sustained AI demand.
ProShares Ultra Semiconductors (NYSE:USD), which corresponds to two times (2x) the daily performance of the Dow Jones U.S. Semiconductors Index, lost 26% in the last five days.
ETFs with exposure to riskier indexes noted volatility during the period. ProShares UltraShort Semiconductors (NYSE:SSG), which corresponds to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Semiconductors Index, gained 28% in the last five days.
The ETFs tracking broader indexes like the S&P 500 and NASDAQ saw relatively lesser value losses due to Big Tech stocks like Apple Inc (NASDAQ:AAPL), Amazon.Com Inc (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT).
SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 stock market index, including Big Tech stocks, lost 3.5% in the last five days. Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), which tracks the NASDAQ index, lost 5% in the last five days.
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Posted In: AAPL AMD AMZN AVGO FTXL MSFT NVDA PSI QQQ SMH SOXQ SOXX SPY SSG SSNLF TSM USD
