Chip stocks like Nvidia, ASML, and TSMC experienced declines due to export restrictions and tech rotation

From Yahoo Finance: 2024-07-17 16:34:05

Chip stocks like Nvidia, Taiwan Semiconductor Manufacturing, and ASML have surged this year due to AI investments, but faced a setback Wednesday. Concerns about export restrictions and tech stock rotation led to declines. The US is considering stricter trade rules affecting chip sales to China. ASML’s stock dropped 12% on Wednesday after surpassing Q2 expectations but missing revenue forecasts for the current quarter. Former President Trump’s remarks on Taiwan and chip manufacturing caused TSMC’s shares to plummet over 7%. Intel and GlobalFoundries saw gains as investors shifted to small-cap stocks.



Read more at Yahoo Finance: Nvidia, ASML, and TSMC stocks got hammered — here’s why