) have all soared this year thanks to investor bets on the artificial intelligence boom. On Wednesday, their momentum came to a screeching halt.
The company also said it expects quarterly gross margin in the range of 50% to 51% versus Wall Street expectations of 51.1%. Many chipmakers, including Nvidia, depend on Tawain for manufacturing. The island located east of China is a major semiconductor hub with roughly 92% of the world’s most advanced chipmaking capacity,) were up during the session. Both companies are seen beneficiaries of the Biden administration's push to onshore chip production to the US.
On Wednesday the small-cap index was down more than 1% while the tech-heavy Nasdaq 100 was down more than 2%.NEW YORK -World stock indexes mostly fell on Wednesday, with Wall Street weighed down by the prospect of U.S. trade curbs, while the yen rose sharply in a move suspected to be the result of another intervention from Japanese officials to buttress the currency from multi-decade lows.
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