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Nvidia and Intel stocks decline as chip industry faces ...
2024-08-02 19:55:08
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Tech
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Nvidia and Intel stocks decline as chip industry faces challenges

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Nvidia's stock fell 4% amidst a broader decline in chip stocks, as Intel missed earnings and announced job cuts. Amazon warned on revenue and profit, while hedge fund Elliott Management criticized Nvidia and other tech stocks as being overhyped.

Arm Holdings issued a cautious forecast, and Nvidia faces a potential DOJ probe over antitrust complaints. The Nasdaq slipped into correction territory, and Wall Street's patience with massive AI investments in tech stocks appears to be waning.

Additionally, the July jobs report showed slowed job growth and a rise in the unemployment rate. Nvidia's stock decline is attributed to weak economic data and concerns about its valuation.

The cyclical nature of the semiconductor industry makes it vulnerable to economic downturns, and Nvidia's stock may fall further depending on economic data and the company's upcoming earnings report. Intel also faced a significant decline in stock value due to missed earnings, weak guidance, workforce reduction, and dividend suspension.

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Analysts Revise Price Targets for Intel, AMD, Seagate, Apple, and ... Arm Stocks

Intel shares have plummeted 40% YTD, prompting analysts to revise price targets and express skepticism about restoring confidence and margins. CEO Gelsinger is leading a turnaround, investing in chip-foundry and cutting jobs, while launching new chips to compete with AMD. Seagate, on the other hand, reported strong earnings and received positive price target revisions due to its technology leadership. Apple is developing a foldable iPhone and plans to integrate AI-powered tasks into its ecosystem. Analysts have adjusted Apple's stock price targets ahead of earnings. Arm Holdings reported solid earnings, but its stock price fell as guidance fell short of expectations. Overall, analysts are closely monitoring these stocks and adjusting their price targets based on company performance and market dynamics.

Stock Market Volatility and Economic Concerns Drive Global Slump

Global stock markets slump as US economic data weakens, jobless claims rise, and recession risks loom. US stocks tumble, S&P 500 and Nasdaq drop, while 10-year Treasury yield falls below 4%. Meta stock rises on better-than-expected results, while tech giants like Intel and Arm face job cuts and declining earnings. Investors anticipate rate cuts from the Fed, with Fed Chair Powell signaling a likely September cut. Big Tech earnings and upcoming jobs report are awaited. Uncertainties and crises impact the US market, with conflicts in the Middle East and recession fears weighing down stocks. The VIX index, known as the 'fear gauge', reaches its highest level since March 2023. Weak earnings reports and planned job cuts in the tech sector contribute to the market decline. The Federal Reserve hints at a possible rate cut but notes 'some' progress on inflation. The recent market swings are the most volatile in over a year, with the S&P 500 experiencing significant daily fluctuations.

Read 33 more recent news on this topic

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