Chip stocks fell on Thursday morning as investors reacted to Tesla's cut to its near-term spending target and Lam Research's weaker-than-expected forecast. Intel, AMD, Micron, Nvidia and Sandisk all traded lower.
Tesla cut its spending forecast for the year, which MarketWatch called unusual and one factor weighing on the chip sector. Lam Research's forecast, which came in weaker than expected, also spooked investors.
Intel's stock was down 6.9% in Thursday morning action. Advanced Micro Devices fell 7.8% over the same stretch.
Micron Technology, meanwhile, moved down about 4.3% in morning trading. Nvidia shares were off 4%, and Sandisk was also off about 6.6%.
Source: MarketWatch (snippet-based)
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