Semiconductor stocks aren’t doing so hot on Wednesday. There are a few things investors need to know about that.
First up, Micron (NASDAQ:MU) just announced that it will cut memory chip production in 2023. This news comes as demand in the PC market continues to dwindle, causing problems for several parts manufacturers.
The company says it intends to decrease the production of DRAM bit supply and shrink the growth of NAND bit supply. It’s also worth mentioning that Micron was one of the first PC parts companies 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 markets close. Based on its current movement, NVDA stock investors don’t seem very hopeful.
Let’s take a look at how these pieces of news are affecting semiconductor stocks today!
Semiconductor Stocks Down Today
- MU stock starts us off, with shares sliding 5.9% as of Wednesday afternoon.
- NVDA stock is next with today’s news sending shares 3.5% lower as of this writing.
- Intel (NASDAQ:INTC) stock also isn’t doing well. The chip company’s shares are slipping 3.3% currently.
- Advanced Micro Devices (NASDAQ:AMD) closes out our semiconductor stocks list with a 4.5% decrease so far.
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! That includes 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 hold (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.
