Semiconductors are a wildly popular investment industry with the demand for artificial intelligence chips surging.
Everyone knows NVIDIA Corporation (NASDAQ:NVDA), shares of which are up 3% Thursday afternoon on earnings that blew past expectations.
But how is the rest of the sector faring? The short answer is not very well. The Yahoo Finance “Semiconductor Stocks” category is down 2.2% Thursday, lagging behind the S&P 500.
Intel shares are down more than 3%, while Advanced Micro Devices stock is over 7% lower. Broadcom and Qualcomm shares have fallen 1.3% and 1.6%, respectively.
It’s worth noting that the broader market is struggling too. The S&P 500 fell 0.8% and the tech-laden Nasdaq Composite dropped 1% early Thursday afternoon.
Even Nvidia has given up ground from its 7.5% premarket rise.
And yet, that’s enough to comfortably make them the leader in the clubhouse.
Soaring demand for AI-powering processors saw group Nvidia’s second-quarter revenue hit $13.51 billion, ahead of forecasts that were only upgraded a matter of months ago. Wall Street penciled expectations of some $11.22 billion of revenue ahead of the results, and that was at the top end of Nvidia’s own guidance.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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