Astera, AMD Lead Tech Selloff; Nvidia, Broadcom, Qualcomm Fall

Aug 19 - Chip stocks traded mixed on Tuesday as investors looked ahead to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium later this week. Traders remain cautious, watching for signals on whether rate cuts may arrive soon or if the Fed will keep its steady approach.

Astera Labs (NASDAQ:ALAB) led the sector lower with a nearly 6% drop, while Advanced Micro Devices (NASDAQ:AMD) slipped about 5%. Nvidia (NASDAQ:NVDA) eased around 2% after U.S. Treasury Secretary Scott Bessent noted the company will need licenses for new chip exports to China. Earlier this month, both Nvidia and AMD reportedly agreed to return 15% of their Chinese AI chip revenues to the U.S. government in exchange for those licenses.

Warning! GuruFocus has detected 5 Warning Signs with NVDA.

Broadcom (NASDAQ:AVGO) declined roughly 2% and Qualcomm (NASDAQ:QCOM) fell 1%. Marvell Technology (MRVL), Micron Technology (MU), Lattice Semiconductor (LSCC), and Taiwan Semiconductor Manufacturing (TSM) also moved lower.

In contrast, Intel (INTC) surged 8% after Japan's SoftBank committed a $2 billion investment. Texas Instruments (TXN) gained 2%, while GlobalFoundries (NASDAQ:GFS) and Analog Devices (NASDAQ:ADI) added nearly 1%.

This article first appeared on GuruFocus.

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