BUZZ-US chip stocks down after AMD, QRVO dour forecasts

Reuters
30 Oct 2024

(Updates)

** U.S.-listed chip stocks fall after Advanced Micro Devices

and chipmaker Qorvo 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 down 2%

** AMD down 9.1% while QRVO falls 24.7%, making stock biggest SOX loser by far

** AI darling Nvidia falls 1.4%

** Micron down 1.7%, Broadcom slips 0.5%

** Qualcomm down 2.9%

** U.S.-listed shares of British chip designer Arm Holdings

down 2.2%, while Marvell Technology falls 1.3%

** iShares semiconductor ETF down 2.3%, and VanEck Semiconductor ETF slips 1.8%

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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