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Philadelphia Semiconductor Index

Why Chip Stocks Are Falling: Reports Spark Demand Worries

Shares of Texas Instruments and other chipmakers fell sharply on Wednesday as Wall Street reacted to downbeat reports from two companies that appear to signal slower-than-anticipated growth in the semiconductor market. Linear Technology shed 5% after the maker of analog semiconductors reported weaker-than-expected revenue. ASML Holding , which manufactures equipment for making semiconductors, also spooked chip investors by cutting its outlook, suggesting lower demand from chip makers. ASML shares were down 5%. The reports "show that semi industry growth maybe slower than hoped for," RBC Capital's Doug Freedman told MarketWatch. "That said, I continue to think the group can work as earnings leverage remains underestimated, even if revenue levels are inline to slightly below expectations." The sell-off appeared to hit TI, a major player in the analog chip market, the hardest. TI shares were down more than 2%. Also in the red were shares of Broadcom Corp. , Intel Corp. and Advanced Micro ...

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