Quick Read – AMD and Intel are sinking 9% and 8% midday as profit-taking hits after blistering year-to-date gains of 129% and 199% on no new negative catalyst. – QQQ slid 3% as chip concentration risk bites, with SOXX having surged 89% year to date and leaving the NASDAQ 100…
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Chip stocks are leading a sharp midday pullback Tuesday, with Advanced Micro Devices (NASDAQ:AMD) down 9% and Intel (NASDAQ:INTC) sliding 8%. AMD shares are trading near $446, while Intel stock is hovering around $101.50. The selling is broad-based.
The Invesco QQQ Trust (NASDAQ:QQQ), which tracks the NASDAQ 100, is off 3% on the day as semiconductor weakness ripples through other AI-hardware and custom-silicon names. It’s a broad risk-off move across the chip complex rather than a single-stock story. Today’s drop follows a blistering run for both names.