(NASDAQ: INTC) stock is slipping in Wednesday's trading. The company's share price was down 4.2% as of 12:45 p.m. ET, according to data from S&P Global Market Intelligence.

While there isn't any business-specific news dragging Intel's stock lower today, Texas Instruments' (NASDAQ: TXN) recently published third-quarter results are spurring sell-offs for multiple chip companies. In addition to missing Wall Street's sales forecast in Q3, the company issued guidance for the fourth quarter and industry commentary that are causing an uptick in bearish sentiment for semiconductor stocks. Texas Instruments stock was also down 4.2% as of this writing.

When it comes to direct competition, Intel and Texas Instruments have little in the way of overlap. On the other hand, systems that make use of Texas Instruments' chips may also make use of products from Intel. If Texas Instruments is seeing demand weaken, it could be a sign that Intel will face similar headwinds on the horizon. Even in situations where the two American chip giants have no direct overlap, weak performance for one can sometimes be a sign of broader industry demand trends.

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Source Fool.com