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Following stellar performance in 2023, U.S. semiconductor stocks have taken a hit at the start of 2024, with notable declines in Tuesday morning trading in New York. This downturn comes in the wake of the White House’s directive to a prominent European chipmaker, signaling escalating U.S.-China trade tensions.
What Happened: NVIDIA Corp. (NASDAQ:NVDA) witnessed a decline of 4%, while Advanced Micro Devices Inc. (NASDAQ:AMD) experienced a sharper drop of over 5%. Overall, the largest U.S.-traded 25 semiconductor companies have seen nearly $100 billion erased in market value in just the first trading hours of Tuesday.
As Bloomberg reported, Dutch chipmaker supplier ASML Holdings N.V (NASDAQ:ASML) complied with U.S. President Joe Biden‘s request to halt certain shipments to China weeks ahead of a new export ban’s enforcement.
ASML, Europe's tech giant, confirmed the Dutch government partially revoked licenses for shipping specific lithography systems to China, impacting a few customers. Despite these developments, ASML believes the recent blockade won’t significantly affect its 2023 financial outlook. Shares of ASML Holding N.V. dropped by 4.3%, marking their weakest daily performance since late July.
Why It Matters: In 2023, semiconductor stocks, as tracked by the iShares Semiconductor ETF (NYSE:SOXX), closed with a 66% gain, the best since 2009’s 74% annual increase. Yet the onset of 2024 presents challenges as the market begins to weigh the risks of a potential new tech trade war and its negative influence on the sector’s growth.
| Name | Market Cap (in billions) | 1-Day % Change | 1-Day Market Cap Loss (in billions) |
|---|---|---|---|
| NVIDIA Corporation | $1,179.72 | -3.55% | -$41.93 |
| Advanced Micro Devices, Inc. | $225.22 | -5.43% | -$12.22 |
| Broadcom Inc. (NASDAQ:AVGO) | $513.07 | -1.82% | -$9.32 |
| Intel Corporation | $203.19 | -4.09% | -$8.31 |
| Applied Materials, Inc. (NASDAQ:AMAT) | $129.77 | -3.65% | -$4.74 |
| QUALCOMM Incorporated (NASDAQ:QCOM) | $156.73 | -2.63% | -$4.13 |
| Lam Research Corporation (NASDAQ:LRCX) | $99.26 | -3.85% | -$3.82 |
| Micron Technology, Inc. (NASDAQ:MU) | $91.85 | -2.51% | -$2.30 |
| KLA Corporation (NASDAQ:KLAC) | $76.92 | -2.94% | -$2.26 |
| Analog Devices, Inc. (NASDAQ:ADI) | $96.74 | -1.83% | -$1.77 |
| NXP Semiconductors N.V. (NASDAQ:NXPI) | $57.54 | -2.81% | -$1.62 |
| Texas Instruments Incorporated (NASDAQ:TXN) | $153.21 | -1.03% | -$1.58 |
| Marvell Technology, Inc. (NASDAQ:MRVL) | $50.75 | -2.67% | -$1.35 |
| Monolithic Power Systems, Inc. (NASDAQ:MPWR) | $29.17 | -3.49% | -$1.02 |
| Microchip Technology Incorporated (NASDAQ:MCHP) | $47.86 | -1.91% | -$0.91 |
| Entegris, Inc. (NASDAQ:ENTG) | $17.19 | -4.43% | -$0.76 |
| Teradyne, Inc. (NASDAQ:TER) | $16.16 | -2.58% | -$0.42 |
| ON Semiconductor Corporation (NASDAQ:ON) | $35.60 | -1.04% | -$0.37 |
| Skyworks Solutions, Inc. (NASDAQ:SWKS) | $17.64 | -1.88% | -$0.33 |
| Qorvo, Inc. (NASDAQ:QRVO) | $10.67 | -2.70% | -$0.29 |
| Rambus Inc. (NASDAQ:RMBS) | $7.08 | -3.55% | -$0.25 |
| MKS Instruments, Inc. (NASDAQ:MKSI) | $6.72 | -2.31% | -$0.16 |
| Lattice Semiconductor Corporation (NASDAQ:LSCC) | $9.37 | -1.64% | -$0.15 |
| Axcelis Technologies, Inc. (NASDAQ:ACLS) | $4.11 | -3.24% | -$0.13 |
| Wolfspeed, Inc. (NYSE:WOLF) | $5.49 | 0.74% | $0.04 |
| Sum | –$100.10 |
Photo via Shutterstock.
Posted In: ACLS ADI AMAT AMD ASML AVGO ENTG INTC KLAC LRCX LSCC MCHP MKSI MPWR MRVL MU NVDA NXPI ON QCOM
