Semiconductor stocks aren’t doing so hot on Wednesday and there’s a few things investors need to know about that.
First up is Micron Technology (NASDAQ:MU) announcing it will cut memory chip production in 2023. This comes as demand in the PC market continues to dwindle, which is causing problems for several part manufacturers.
The company says it intends to decrease the production of DRAM bit supply and shrink the growth of NAND bit supply. It’s worth mentioning that MU was the first PC part company to warn of weakening chip demand earlier this year.
Investors also appear anxious as Nvidia (NASDAQ:NVDA) prepares to release its latest earnings report later today. That report will come out after the markets close. Based on its current movement, investors don’t seem hopeful for good news today.
Let’s take a look at how these couple of pieces of news are affecting semiconductor stocks today below!
Semiconductor Stocks Down Today
- MU stock starts us off with the company’s shares sliding 5.9% as of Wednesday afternoon.
- NVDA shares are next with today’s news sending the stock 3.5% lower as of this writing.
- Intel (NASDAQ:INTC) stock also isn’t doing well today with the chip company’s shares slipping 3.3%.
- Advanced Micro Devices (NASDAQ:AMD) closes out our falling semiconductor stocks today with a 4.5% decrease.
Investors looking for more of the latest stock market news will want to stick around!
We’ve got all of the hottest stock market news traders need to know about on Wednesday! Among that is what has shares of Bed Bath & Beyond (NASDAQ:BBBY), Tattooed Chef (NASDAQ:TTCF), and Mullen Automotive (NASDAQ:MULN) stock moving today. You can find out more on these matters at the following links!
More Wednesday Stock Market News
- Why Is Bed Bath & Beyond (BBBY) Stock Down Today?
- Why Is Tattooed Chef (TTCF) Stock Down 19% Today?
- Is a Reverse Stock Split Coming for Mullen (MULN) Stock?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.