Today’s Market Movers: Sandisk, Intel, and ASML Fall as AI Stocks Face China Competition Concerns
TLDR
- AI-linked stocks including Sandisk, Intel, Marvell, and ASML fell in premarket trading on Tuesday over cost and China competition concerns
- ASML dropped following a report that a Chinese state-backed firm is mass-producing chip-making machines
- Johnson & Johnson rose after agreeing to pay $5.5 billion to settle talc-related cancer lawsuits
- Celestica and Applied Digital surged after beating earnings estimates and raising full-year outlooks
- UPS gained after posting better-than-expected Q2 earnings and lifting its full-year forecast
AI stocks came under pressure again on Tuesday morning as investors weighed rising costs and growing competition from China in the semiconductor space.
Sandisk dropped 5.5%, Intel fell 4%, and Marvell declined 3.9% before the opening bell. Advanced Micro Devices, Micron, and Nvidia also slid in premarket trading.
ASML Hit Hard by China Report
Dutch chip-tool maker ASML fell 4.4% on Tuesday, following a 5.8% drop on Monday. The declines came after a report said a Chinese state-backed company is now mass-producing chip-making machines.
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