Global semiconductor stocks fell on Friday after a lackluster set of results from U.S. chip firm Intel sent its shares cratering, and a global market sell-off weighed on tech names.
Intel shares fell more than 20% in premarket trade in the U.S. on Friday, after the company reported a big miss on earnings in the June quarter and said that it would lay off over 15% of its employees.Pat Gelsinger, chief executive officer of Intel Corp., speaks during the Computex conference in Taipei, Taiwan, on Monday, June 4, 2024.
Samsung rival SK Hynix, which supplies U.S. giant Nvidia, also fell sharply to close more than 10% lower., which sells key tools required to make cutting-edge chips, were more than 6% lower at around 4:23 a.m. ET, in the Netherlands.and has fed its way through to Asia and Europe. This especially weighed on tech-heavy Nasdaq and on chip stocks.
The VanEck Semiconductor ETF, which includes major names in the sector, closed roughly 6.5% lower in the U.S. on Thursday.