Shares of prominent chip names are sliding in Tuesday's session amid broader weakness for the tech sector. Chip-equipment stocks Applied Materials Inc. (AMAT), KLA Corp. (KLAC), and Lam Research Corp. (LRCX) are each off more than 6% in Tuesday morning trading amid reports that the U.S. is considering putting export restrictions ( ) on Chinese chipmaker Semiconductor Manufacturing International Corp. "Investor concern is that Washington DC does not stop with SMIC and that other domestic China semiconductor manufacturers are at risk," Evercore ISI analyst C.J. Muse wrote, though he said that "a lot of bad news is already priced in." Shares of Nvidia Corp. (NVDA) and Advanced Micro Devices Inc. (AMD) are also off in the session. AMD finished with a market capitalization below $100 billion in Friday's session and it recently had a valuation of about $95 billion in Tuesday trading. AMD's stock is set to slide for the fourth straight session, which would be its longest losing streak since late June. The PHLX Semiconductor Index has added about 8% over the past three months as the S&P 500 has risen 4%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 08, 2020 11:15 ET (15:15 GMT)
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