Intel and AMD shares fell 4% while NVIDIA held steady, defying broader market relief from declining Treasury yields.
Intel and AMD shares declined 4% to $93.12 and $465, respectively, as a chip sector selloff persisted despite easing Treasury yields. NVIDIA remained unchanged at $219.54, while Broadcom dropped 5% to $361.73. The VanEck Semiconductor ETF (SMH) fell 1.22% to $562.59, reflecting sector-wide profit-taking.
The 10-year Treasury yield fell 5 basis points to 4.65%, and the 30-year yield declined 8 basis points to 5.2%, providing relief for growth stocks. However, chip stocks continued to weaken, suggesting AI-hardware-specific positioning pressures. Year-to-date gains in the sector may have prompted traders to lock in profits ahead of NVIDIA’s earnings.
The NASDAQ 100 edged higher on the day, but chip stocks remained under pressure through midday trading. Analysts cited easing China import restrictions on NVIDIA’s H200 as a supportive factor for the stock’s stability.