Intel led another brutal session for semiconductor stocks on Monday, sliding about 9% and closing at less than half its value at the end of September, according to Yahoo Finance. The decline followed Intel's worst trading day since 1974 on October 30, when a disappointing forecast wiped nearly 29% off the stock.
The pain spread well beyond Intel. Chip and memory stocks have lost roughly $3.7 trillion in market value since October 6, by Yahoo Finance calculations, and the group shed more than $400 billion in a single session on Monday. About seven in ten S&P 500 stocks rose that day, yet nearly every chip stock fell.
Chip stocks fall across the board
Memory and storage names that had powered this year's chip boom took heavy hits. Micron, Sandisk, Seagate and Western Digital all fell roughly 6% to 8% in Monday's session, while Marvell dropped even harder as it agreed to buy Lumentum in a $115 billion deal.
Nvidia held up better than most chipmakers but is still down about 16% since October 6, Yahoo Finance reported. Nvidia lost the most in absolute dollars during the rout, while Intel's near-50% decline is the steepest among the major players.
- Intel (INTC): about -9% Monday, less than half its end-September value
- Micron (MU), Sandisk (SNDK), Seagate (STX), Western Digital (WDC): roughly -6% to -8% Monday
- Marvell (MRVL): fell sharply alongside its $115 billion deal for Lumentum (LITE)
- Nvidia (NVDA): about -16% since October 6
