U.S. chip stocks hit by China trade worries, tech rout
Updates
** Shares of U.S. chipmakers tumble amidconcerns about U.S.-China trade tensions and rout in the U.S. tech sector
** The U.S. has told its allies it is considering using the most severe trade restrictions available if companies continue giving China access to advanced semiconductor technology, Bloomberg News reported
** The NasdaqComposite index .IXIC falls1.7% as investors sell tech shares after recent run-up .N
** Shares of AI chipmaker Nvidia NVDA.O fall 4.1%, memory chipmaker Micron Technology MU.O drop 4.5%
** Networking chipmakers Broadcom AVGO.O and Marvel Technology MRVL.O slide more than 4% each, while smartphone chipmaker Qualcomm QCOM.O loses 5.8%
** Advanced Micro Devices AMD.O, which makes chips for personal computers, servers and AI products, declines 5.7%
** U.S.-listed shares of contract chipmaker Taiwan Semiconductor Manufacturing TSM.N down 5.9% after report U.S. presidential candidate Donald Trump says Taiwan should pay U.S. for its defense
** Other chipmakers like Arm Holdings ARM.O fall over 4.6%
** Shares of chip-making equipment companies like Applied Materials AMAT.O, Lam Research LRCX.O and KLA Corp KLAC.O fall between 5.6% and 6.5%
** The iShares Semiconductor ETF SOXX.O and the VanEck Semiconductor ETF SMH.O down more than 4% each
** Outliers include Intel INTC.Oand GlobalFoundries GFS.O, up 5.6% and 10.9%, respectively
** The Philadelphia Semiconductor Index .SOX down 3.4% at a two-week low; as of last close SOX had risen 39% YTD vs 18.8% rise in the benchmark S&P 500 .SPX
Reporting by Sruthi Shankar in Bengaluru
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