Stock Track | Lam Research Plummets 5.07% Intraday on OpenAI Concerns and Semiconductor Sector Weakness

Stock Track04-28 21:41

Lam Research's stock plummeted 5.07% during intraday trading on Tuesday, extending recent declines in the semiconductor equipment sector.

The sharp drop follows a Wall Street Journal report that OpenAI missed its performance targets and user acquisition goals, raising concerns about the ChatGPT parent's ability to sustain massive spending on AI data centers. This news triggered a broad selloff in chip-related stocks, with Lam Research and other semiconductor equipment companies falling between 3% and 4.9% in pre-market trading.

The decline also reflects profit-taking pressure after Lam Research's recent strong quarterly earnings. While the company reported record Q3 results with revenue up 24% year-over-year and issued upbeat Q4 guidance driven by AI demand, the market appears to have fully digested these positive catalysts, leading to sector-wide weakness across semiconductor equipment stocks.

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