BUZZ-Intel, AMD and Qualcomm slip after Nvidia launches new AI PC chip
Microsoft MSFT | 0.00 | |
NVIDIA Corporation NVDA | 0.00 | |
Qualcomm QCOM | 0.00 | |
Intel INTC | 0.00 | |
Advanced Micro Devices, Inc. AMD | 0.00 |
** Shares of chip firms Intel INTC.O, AMD AMD.O and Qualcomm QCOM.O fall premarket after Nvidia NVDA.O unveils new PC chip that would run AI capabilities directly on PCs
** Speaking ahead of the Computex conference in Taiwan, NVDA CEO Jensen Huang says the new RTX Spark chip is part of company's effort with Microsoft MSFT.O to "reinvent" PCs for the AI age
** The chip is designed to run AI agents locally on PCs rather than relying solely on cloud computing
** INTC slips 4.4%, AMD falls ~4% while QCOM tumbles ~8% premarket; Apple AAPL.O, which makes chips for its Macbook computers in-house, also slips ~1%
** NVDA, meanwhile, gains 1.8%; MSFT climbs 3.1%, also helped by a rebound in software stocks
** Shares of Arm Holdings ARM.O, whose chip technology is used by NVDA and AAPL, jump 13.5%
** The benchmark Philadelphia Semiconductor Index .SOX has risen more than 81% so far this year, versus a near 11% jump in the broader S&P 500 .SPX index