Plunging PC Shipments Threaten Tech Stocks
Workers box Panasonic Corp. laptop computers in Kobe City, Japan.
Photographer: Yuriko Nakao/Bloomberg
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Semiconductor stocks extended their underperformance in Tuesday morning trading, sliding to the lowest since October 2020, as a sharp decline in global PC shipments added to concern about soft demand. Tech mega-caps were among top S&P 500 decliners by value.
The sector has been pummeled this year, most recently on the heels of AMD’s disappointing forecast, and with new scrutiny on US restrictions on China’s access to American tech. The S&P 500 tech sector lags the broader index on a year-to-date basis by the most in a generation.