Advanced Micro Devices Inc. and Broadcom Inc. shares on Friday both racked up six consecutive sessions of losses, while Intel Corp. shares rebounded from earlier losses to only turn in their worst week in about a year, rather than years.
shares declined 0.6% Friday to close at $110.01 for an 8.4% drop on the holiday-shortened week, for their worst trading week since the one ending Dec. 9, when shares finished the week down 8.5%. AMD’s stock also notched a sixth consecutive session of losses, for a cumulative loss of 13.6%, according to FactSet data. That gives the stock its worst six-day stretch that ended Oct. 14, when AMD shares dropped 17.6%, according to Dow Jones data.
shares fell 2.4% to close at $822.15 Friday, for a sixth consecutive day of losses, and a 5.3% loss on the week, its worst week since the one ending Oct. 14, when shares finished down 7.3%, according to FactSet data. The stock also logged its worst six-day stretch that ended Oct. 14, when the stock dropped 10.9% over six trading sessions, according to Dow Jones data.
shares couldn’t seem to catch a break, unless it was to have their worst week in a little over a year, rather than almost three. Earlier Friday, Intel’s stock was down as much as 2% on the session, putting it on track for its worst week since Oct. 23, 2020, when the stock ended the week down 11%, according to Dow Jones data. Later in the session, Intel shares swung to a gain to close up 0.9% at $33, for a 9.3% loss on the week, the stock’s worst week since June 10, 2022, when fell 9.7% on the week.
Earlier in the week — beginning on Tuesday because of the Juneteenth holiday on Monday — Intel earned the dubious distinction of being the worst stock on the Dow Jones Industrial Average
for two days in a row after the chipmaker outlined its strategy for its third-party fab business meant to compete with the likes of Taiwan Semiconductor Manufacturing Co.
but has yet to name a major customer.
Intel operates its own foundries — or fabs, those high-tech plants that create the silicon wafers onto which transistors are etched to make microchips — unlike other chip makers that are “fabless,” like Nvidia Corp.
AMD, Qualcomm Inc.
and Apple Inc.
which use third-party fabs like TSMC for their chips.
For the broader chip sector, the PHLX Semiconductor Index
declined 4.5% for the week, its worst since the one ended April 6, when the index closed the week down 4.9%. The chip index was 6.4% off its recent 52-week high of 3,673.14, and 13.2% of its record closing high of 4,039.51, set on Dec. 27, 2021.
Intel shares are up 24.9% year to date, compared with a 1.8% gain by the Dow Jones Industrial Average
while another Dow component, International Business Machines Corp.
saw shares down 5.9% for the week, their worst week since the one ending July 22, when shares fell 8.3% on the week. IBM shares are down 8.2% on the year.
AMD shares are still up 69.9% year to date, while Broadcom’s were up 47%, compared with a 38.5% gain on the SOX index, a 13.3% advance by the S&P 500 index
and a 28.9% rally by the tech-heavy Nasdaq Composite Index