Why Taiwan Semiconductor, Intel, and Qualcomm Fell Today
Shares of leading semiconductor companies Taiwan Semiconductor Manufacturing (NYSE: TSM), Intel (NASDAQ: INTC), and Qualcomm (NASDAQ: QCOM) all fell today, declining 2.9%, 2.6%, and 3.6%, respectively, as of 3:37 p.m. ET.
The synchronous moves likely had to do with the same broader macroeconomic forces and sector news. First, widespread protests in China over COVID-19 restrictions erupted this past weekend, putting pressure on any stock with exposure to China or products made there. Second, a report from a leading tech industry research company predicted a bigger decline in overall semiconductor revenue next year than it had forecast just four months ago.
On Monday, research industry watcher Gartner came out with its annual forecast for the 2023 semiconductor industry. In the report, Gartner forecast an overall industry decline of 3.6% in 2023 to $596 billion, after an estimated 4% growth in 2022, following the 26.3% growth seen in 2021. The findings mark a striking revision from Gartner's prior $623 billion 2023 forecast given in July, when it anticipated 7.4% growth this year and then just a 2.5% decline in 2023.
Source Fool.com
