Chip Stocks Erase $400 Billion in 1 Day as Intel Extends 50% Slide

3 articles · Updated · Yahoo Finance · Nov 2

$400 billion in chip market value vanished Monday even as about 70% of S&P 500 stocks rose, showing the selloff remained concentrated in semiconductors.
Intel dropped about 9% after its Oct. 30 forecast miss triggered its worst day since 1974; Monday's close left the stock worth less than half its value at September's end.
Memory and storage names including Micron, Sandisk, Seagate and Western Digital fell roughly 6% to 8%, while Marvell slid even more as it agreed to buy Lumentum in a $115 billion deal.
Since Oct. 6, chip and memory stocks have lost about $3.7 trillion, with Nvidia down about 16% but holding up better than most peers.
Investors now turn to AMD's third-quarter results Tuesday, while some strategists argue the sector may be near a bottom even though past midterm-cycle rebounds sometimes followed another 11% drop.