Intel stock plunge drags down global chip stocks from TSMC to Samsung | Wilnesh News

Global semiconductor stocks fell on Friday after a series of dismal results from U.S. chip company Intel sent its shares tumbling and a global market selloff weighing on technology stocks.

Intel The company’s shares fell 21.51% in U.S. premarket trading at 04:37 a.m. ET on Friday after it reported a sharp decline in June quarter profit and said it would lay off more than 15% of its workforce as part of its $10 plan .

in Asia, Taiwan Semiconductor Manufacturing Company Taiwan Semiconductor Manufacturing Company (TSMC) closed down 4.6%, and South Korea’s Samsung also closed down more than 4%. TSMC is the world’s largest chipmaker, while Samsung is the world’s largest storage semiconductor company.

Samsung rival SK Hynix, which supplies U.S. giant Nvidia, also fell sharply, closing down more than 10%.

The sell-off in Europe continues. shares ASMLShares of the Dutch company that sells key tools needed to make cutting-edge chips fell more than 6% around 4:23 a.m. ET. ASMIShares in the company, also traded in the Netherlands, fell 9%. STMicroelectronics and Infineon Both are lower.

Intel’s results added to mixed results across the semiconductor industry, where companies like AMD and Nvidia Continue to benefit from the artificial intelligence boom. other players e.g. Qualcomm And Arm has yet to realize the benefits of the technology in its financial performance.

A global stock market selloff that began in the United States and spread to Asia and Europe added to pressure on chip stocks. That’s particularly weighing on the tech-heavy Nasdaq and chip stocks.

The VanEck Semiconductor ETF, which includes major companies in the sector, closed down about 6.5% in the U.S. on Thursday.

In U.S. pre-market trading on Friday, some major U.S. chip brands also fell, with Nvidia The trading price was down about 3%.