Chipmakers Crash as Intel, Lam Research Outlooks Disappoint
- Several companies cite supply chain issues as a headwind
- Seagate is an outlier, with the stock jumping on its report
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Shares of semiconductor companies fell sharply on Thursday, as post-earnings declines from high-profile names like Intel and Lam Research made the industry a pronounced underperformer among technology stocks.
The Philadelphia Stock Exchange Semiconductor Index fell 4.8% in its biggest one-day percentage loss since March, and it closed at its lowest since October. To compare, the over S&P 500 Information Technology Sector index fell 0.7%, with software stocks a bright spot after strong results from ServiceNow followed Microsoft earlier in the week. The Nasdaq 100 Index fell 1.2% as investors continued to digest recent comments from the Federal Reserve.