Semiconductor stocks slump as breakout attempt ends in tears

It’s another session in the red for chip stocks.

All but five of the 25 constituents in the VanEck Semiconductor ETF are negative as of 1:15 p.m ET. Advanced Micro Devices fell more than 5% after analysts at HSBC delivered a double downgrade of the stock from “buy” to “reduce,” saying it will struggle to compete in the market for AI GPU chips.

Micron is giving back some gains generated from Nvidia’s announcement that it will be using its memory chips in its new offering. ASML and Taiwan Semiconductor are also underperforming the industry at large.

It’s a failed breakout for the ETF, which couldn’t hold above the range that’s persisted for more than three months despite trading north of $260 on Monday and Tuesday. It’s now retreated sharply to about midway between that local high and low.

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