US Chip Giants AMD, NVIDIA, Qualcomm Start 2024 With Decline After Stellar Performance Last Year
Portfolio Pulse from Benzinga Neuro
U.S. chip stocks, including AMD, QCOM, AVGO, and NVDA, have experienced a decline at the start of 2024 following a record-breaking surge in 2023. The PHLX semiconductor index dropped by 2.1% on Wednesday, influenced by the Federal Reserve's latest meeting minutes suggesting interest rates are near the cycle's peak. Despite the downturn, Bank of America remains bullish on the semiconductor industry. Escalating US-China trade tensions and a directive to a European chipmaker have contributed to the sector's volatility. NVIDIA's stock value tripled in 2023, but it also saw a decline recently.
January 04, 2024 | 1:47 am
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AMD's stock fell by more than 2% amidst a general decline in chip stocks, despite a strong performance in 2023.
AMD's recent decline is part of a broader sector pullback, likely influenced by the Fed's interest rate outlook and geopolitical concerns, which could affect short-term performance.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Broadcom Inc saw its stock price decline by over 2%, reflecting the downward trend in the semiconductor industry.
Broadcom's stock decline is part of the sector's reaction to macroeconomic factors such as the Fed's interest rate outlook and US-China trade tensions, indicating a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
NVIDIA Corp, despite tripling its value in 2023, faced a near 1% decline, potentially due to the same factors affecting the semiconductor sector.
NVIDIA's slight decline may be attributed to the broader semiconductor market's response to the Fed's interest rate outlook and ongoing US-China trade tensions, which could lead to short-term volatility.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Qualcomm Inc's shares dropped more than 2%, in line with the semiconductor sector's overall decline.
Qualcomm's stock is affected by the same factors impacting the broader chip industry, including the Fed's interest rate comments and trade tensions, suggesting a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90