fell in early trade after
warned that the demand for computers is weakening.
Shares of AMD (ticker: AMD) fell 0.96% in the pre-market on Friday,
(NVDA) fell 1.37%, Qualcomm fell 0.87%,
(TXN) lost 0.48%, Broadcom (AVGO) was flat.
Intel reported on Thursday a drop in sales in the first quarter that did not live up to expectations. CEO Pat Gelsinger said the global shortage of chips will last longer than he previously thought and that faster inflation is holding consumers back from buying personal computers.
Households splashed on desktops and laptops during the height of the pandemic, boosting sales for chip makers over the past few years. But companies are having trouble keeping up and are still dealing with supply chain disruptions.
But the rise in demand may now have passed its peak. Global shipments fell in the first quarter, estimates from International Data Corp. show.
Gelsinger also said a protracted war in Ukraine and new Covid-19 lockdowns in China increase uncertainty.
Technical stocks have had an uneven earnings season in the midst of a murky economic outlook.
(AMZN) unexpectedly had a quarterly loss. iPhone maker
(AAPL), which had an increase in sales, so its shares are falling due to concerns that growth is slowing.
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