Intel and AMD Fall 4%, NVIDIA Unchanged as Chip Selloff Defies Bond Yield Relief

Even with the NASDAQ 100 up slightly on the day, chip stocks remain under pressure Wednesday morning and afternoon. Intel (NASDAQ:INTC | INTC Price Prediction) stock is down 4% to $93.12 in midday trading, and Advanced Micro Devices (NASDAQ:AMD) stock is falling 4% to $465. Broadcom (NASDAQ:AVGO) stock is dropping 5% to $361.73, while NVIDIA (NASDAQ:NVDA) stock is unchanged at $219.54.

The VanEck Semiconductor ETF (NASDAQ:SMH) is slipping 1.22% to $562.59 as sector-specific selling overwhelms a broader tape that turned green. So, what’s going on here?

Why the Sector Is Selling Into Bond Yield Relief

The Treasury Department said it would increase buybacks of long-dated government debt “by at least double” for securities from the 10-year to 30-year sector. The 10-year Treasury yield fell 5 basis points to 4.65%, and the 30-year yield declined 8 basis points to 5.2% after hitting its highest level since 2007 earlier this week.

Falling long-end yields typically relieve pressure on high-multiple growth stocks. Chip stocks weakening into that relief points to AI-hardware-specific positioning across portfolios. President Trump also paused 50% tariffs on Canadian goods for three days, moving the start date to August 22, citing a deal subject to finalization of documents.

NVIDIA’s Two Supports

NVIDIA has two catalysts working in its favor that the rest of the sector lacks. The Financial Times reported that China allowed small…