These Stocks are Selling Off on Friday

Taiwan Semiconductor (TSM) and ASML (ASML) lifted the chip stocks in the last week. AMD and Nvidia (NVDA) both closed at fresh highs. Last night, however, Intel (INTC) spoiled the bullish momentum.

Intel’s weakness may send NVDA and AMD down from their highs this morning. The valuations for the graphics chip suppliers are over-stretched.

Applied Materials (AMAT) lost around 2%. T-Mobile (TMUS), which posted Q4 GAAP EPS of $1.67, traded down 2.81% in after-hours trade.

INTC stock fell by 11% in after-hours trade after posting Q4/2023 results. Its data center and AI unit did not perform well. Revenue fell by 10% Y/Y to $4 billion. Although revenue grew overall by 10% Y/Y to $15.4 billion, the chip giant issued Q1/2024 revenue expectations of $13.2 billion. Analysts expected $14.16 billion.

KLA posted light revenue and EPS guidance for its fiscal third quarter. Shares lost 5% last night.

Tesla (TSLA) fell by 12.13% on Thursday after posting weak profitability. Price cuts hurt results in the last quarter. When the leading EV firm falls, it casts a shadow against all other EV suppliers. Look out for TSLA stock falling today. Rivian (RIVN) is breaking below the critical $15.00 support line and may face selling pressure again today.

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