US Stock Movers: Chip Stocks Fall Broadly as Qualcomm Sinks Nearly 7%

Stock News09-28 22:23

Chip stocks declined broadly on Monday, with Qualcomm (QCOM.US) dropping nearly 7%, while SanDisk (SNDK.US) fell more than 5%.

SK Hynix (SKHY.US) lost 5%, and Intel (INTC.US) alongside Western Digital (WDC.US) each declined more than 4%.

Seagate Technology (STX.US), Advanced Micro Devices (AMD.US), and Micron Technology (MU.US) all fell more than 3%.

On the news front, OpenAI abruptly paused the training and testing of its most advanced AI models, sparking market concerns that a slower pace of AI development could weigh on chip demand.

At the same time, surging oil prices and rising US Treasury yields further amplified selling pressure on technology stocks.

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