Friday saw a decline in global semiconductor equities following a dismal set of earnings from American chipmaker Intel that sent its shares plunging and a sell-off in tech sectors globally.
Premarket trading in the United States saw a 21.51% decline in Intel shares at 04:37 a.m. ET on Friday.
The business had previously announced that it will reduce costs by $10 billion and reported significantly lower-than-expected results for the June quarter.
Asia’s Taiwan Semiconductor Manufacturing Co., or TSMC, closed 4.6% lower in Taiwan, and Samsung had a session-ending drop of more than 4% in South Korea.
The largest memory semiconductor company in the world is Samsung, while the largest chip maker in the world is TSMC.
Rival Samsung SK Hynix, which supplies US behemoth Nvidia, likewise saw a precipitous decline, closing more than 10% down.
Source (CNBC)
