Chip Stocks Drive Market Turmoil. Intel Plunges 20% After Grim Earnings Report and TSMC Dips More Than 4%

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Intel shares fell more than 20% in premarket trading on Friday after the company reported disappointing earnings results for the second quarter and announced plans to lay off over 15% of its employees. Intel's poor results weighed down other chip stocks as well, with TSMC closing over 4% lower and Samsung falling over 4%. In the US, Nvidia dropped around 3.5% in premarket trading due to Intel's news and a separate report that the DOJ has launched an antitrust investigation into the company. The slump in chip stocks added to an overall global market sell-off, especially dragging down the tech-heavy Nasdaq index.
Transcript
00:00It's Benzinga and here's what's on the block.
00:03Intel shares fell more than 20% in pre-market trading on Friday after the company reported
00:07disappointing earnings results for the second quarter and announced plans to lay off over
00:1115% of its employees.
00:14Intel's poor results weighed down other chip stocks as well with TSMC closing over 4% lower
00:19and Samsung falling over 4%.
00:22In the US, NVIDIA dropped around 3.5% in pre-market trading due to Intel's news as well as a separate
00:27report that the DOJ has launched an antitrust investigation into the company.
00:32The slump in chip stocks added to an overall global market selloff, especially dragging
00:36down the tech-heavy NASDAQ index.
00:38For all things money, visit Benzinga.com.

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