Chips Stocks Fall As Much As 3%; Intel, Broadcom, SanDisk, AMD And More Open In Red Amid Investor Scepticism

Shares of semiconductor stocks such as Intel, Broadcom, SanDisk, Qualcomm, AMD, Micron, Nvidia and SK Hynix all opened in red, with Intel’s stock falling as much as 3.06% at the opening bell on Thursday. This development takes place amid elevated investor scepticism regarding near-term profitability of AI technology, leading to a broader selloff. 

The US stock market also opened lower due to rising US treasury yields, oil prices rallying nearly 5% and the anticipation of the Federal Reserve raising interest rates.

ALSO READ: Classic Bubble’: Billionaire Ray Dalio Warns AI Rally Nearing Its Breaking Point

Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay

The Nasdaq Composite fell 0.47% to 27,410.59, S&P 500 slid 0.38% to 7,772.41, while Dow Jones Industrial Average traded 0.33% lower at 51,009.78 by 7 pm IST.   

…