Nvidia, Micron, SK Hynix shares slump up to 5% as China's CXMT steps up challenge to global chipmakers - What it means
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Nvidia, Micron, and SK Hynix shares fell up to 5% on Monday, October 12, as China’s CXMT increased competition.
- ✓The Chinese firm announced a new memory design to boost storage density.
- ✓Investors got worried about this challenge, causing many tech stocks to drop while the Nasdaq Composite fell 0.46%.
Story at a Glance
- Category
- MARKET
- Reported By
- Livemint
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Major US chip stocks came under renewed selling pressure on Monday, October 12, following their recent rally, amid concerns over rising competition from Chinese memory chipmaker ChangXin Memory Technologies (CXMT).
Nvidia, which has been at the forefront of the AI-led rally, saw its shares fall 2% to an intraday low of $224.90. Broadcom, Advanced Micro Devices (AMD), and Intel declined 1.2%, 3.3%, and 3.6%, respectively.
Marvell Technology, Micron, and SK Hynix shed 4.2%, 5%, and 4.3%, respectively. Other major technology stocks, including Amazon and Tesla, also fell by up to 1%.
The weakness dragged the Nasdaq Composite down 0.46% to an intraday low of 27, 240, while S&P 500 and Dow Jones Industrial Average with modest gains.
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