Nvidia leads semiconductors lower in final week of trading for 2022 (NVDA) – Seeking Alpha
Justin Sullivan
The final week of trading for 2022 got off to a mixed start as Nvidia (NASDAQ:NVDA) shares fell sharply on Tuesday, as several other semiconductor stocks also lost ground.
Nvidia (NVDA) fell more than 5% to $143.95, while competitors Advanced Micro Devices (AMD) and Intel (INTC) saw more modest losses, 1.2% and 0.5%, respectively.
Other semiconductor stocks in the S&P 500 also saw modest declines, including Micron Technology (MU), ON Semiconductor (ON), Texas Instruments (TXN) and Microchip Technology (MCHP), all of which fell 1% or less.
Bucking the trend was Broadcom (AVGO), which rose 0.5% at mid-day.
Taiwan Semiconductor (NYSE:TSM) shares fell 0.7% to $74.41 as the company will reportedly hold a celebratory event later this week to mark the occasion of mass production of 3 nm chips at a facility in its home country.
Last week, it was reported that Taiwan Semiconductor (TSM) was reportedly considering Germany for its first European plant.
Taiwan Semiconductor (TSM) has worked to expand its global footprint with factories all over the world, including its plant in Arizona, which it said earlier this month that it was tripling in size to $40B.
Competitor Global Foundries (GFS) fell 1.5% on Tuesday on light volume.
Last week, investment firm UBS said it is bullish on chips going into 2023, picking Nvidia (NVDA) as one of its top picks, as it forecast momentum building in the back half of the year.