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Intel's long-awaited turnaround looks farther away than ever after the company reported dismal first-quarter earnings. Investors pushed the shares down 9% on Friday to their lowest level of the year.
Chip stocks fell on Wednesday after ASML, a key developer of semiconductor manufacturing equipment, said that bookings fell by 61% sequentially during the first quarter, a steeper drop than investors had expected. AMD's stock fell over nearly 6%, Nvidia shares fell over 3%, Intel shares fell under 2% and Qualcomm was off over 2%. But the biggest drop affected chip technology firm Arm, which was trading nearly 12% lower on Wednesday.
U.S. chip design firm Advanced Micro Devices on Tuesday unveiled new processors to power artificial intelligence-enabled PCs as it seeks to gain leadership in the AI PC race against rivals like Nvidia and Intel.
Shares of Advanced Micro Devices and Intel dipped on Friday after The Wall Street Journal reported that China is ordering the country's largest telecommunications carriers to cease use of foreign chips.
The Chinese government has urged its departments and agencies to use desktops and laptop computers that are equipped with domestic processing units (CPUs) and operating systems. The announced purpose is to increase reliability.
China has rolled out new guidelines that will phase out U.S. processors in government computers and servers, effectively blocking chips from Intel and AMD, the Financial Times reported on Sunday.
BEIJING/HONG KONG (Financial Times) -- China has introduced new guidelines that will mean U.S. microprocessors from Intel and AMD are phased out of government PCs and servers, as Beijing ramps up a campaign to replace foreign technology with homegrown solutions.
The United States is thinking of blacklisting a number of Chinese chipmakers that helped Shenzhen-based Huawei Technologies bypass its sanctions.