Asian, European Chip Stocks Slump After Intel Performance Disappoints

Dow Jones08-02

By Mauro Orru

Shares of semiconductor companies across Asia and Europe edged lower Friday after Intel's second-quarter sales and third-quarter guidance undershot analysts' forecasts and the group set out plans to lay off thousands of employees this year.

Intel Chief Executive Pat Gelsinger said the chip maker had to adjust to market conditions, particularly a surge in demand for artificial-intelligence chips that is much more acute than he had expected. Intel stock plunged 20% in premarket trading.

Meanwhile in Asia, shares of Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker, closed down nearly 6% in Taipei. Shares of SoftBank Group, the parent of British chip designer Arm Holdings, closed 8% lower in Tokyo, while chip-making equipment maker Tokyo Electron shed 12%.

In Europe, shares of Dutch semiconductor-equipment maker ASML Holding lost more than 6% in morning trading, while smaller peer ASM International fell 9%. Elsewhere in Europe, shares of Infineon Technologies and Apple supplier STMicroelectronics fell more than 3%.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

August 02, 2024 04:28 ET (08:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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