BUZZ — US chip stocks fall as rate — hike fears raise AI spending concerns
* US semiconductor shares fall premarket, as rising bond yields and Fed rate-hike concerns threaten to raise borrowing costs and curb AI infrastructure spending * Philadelphia Semiconductor Index declined 4.3% to its lowest level in about a month in the prior session; stock has been declining since October 7 * Micron down 4.3%, Western Digital down 5.6% and Sandisk down 5.3% * Nvidia slips 1.7%, Broadcom slides 1.6%, Intel down 3.8%, Qualcomm falls 1.8% and Advanced Micro Devices down 3.4% * Media reports this week that Chinese memory chipmaker CXMT has made "key progress" on a new cell architecture aimed at increasing memory density also pressured global chip stocks * Despite the selloff, the Philadelphia chips index remains up about 65% so far this year, supported by expectations for strong AI-related demand (Reporting by Jayasree Prabhu) ((Jayasree.Prabhu@thomsonreuters.com)
* US semiconductor shares fall premarket, as rising bond yields and Fed rate-hike concerns threaten to raise borrowing costs and curb AI infrastructure spending * Philadelphia Semiconductor Index declined 4.3% to its lowest level in about a month in the prior session; stock has been declining since October 7 * Micron down 4.3%, Western Digital down 5.6% and Sandisk down 5.3% * Nvidia slips 1.7%, Broadcom slides 1.6%, Intel down 3.8%, Qualcomm falls 1.8% and Advanced Micro Devices down 3.4% * Media reports this week that Chinese memory chipmaker CXMT has made "key progress" on a new cell architecture aimed at increasing memory density also pressured global chip stocks * Despite the selloff, the Philadelphia chips index remains up about 65% so far this year, supported by expectations for strong AI-related demand (Reporting by Jayasree Prabhu) ((Jayasree.Prabhu@thomsonreuters.com)