A string of warnings on semiconductor demand from the likes of Micron Technology Inc. and Samsung Electronics Co. is forcing analysts to slash earnings forecasts at the fastest pace since 2008.
Profit expectations have fallen 16 per cent in the past three months, according to data compiled by Bloomberg, and Citigroup Inc. analysts see more pain coming and expect the Philadelphia index to fall further as the crisis gains steam. Nvidia Corp., whose chips are a staple of high-end gaming computers, has lost about US$544 billion in market value from its November peak. The SOX was down two per cent on Tuesday, touching a near two-year low.
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