June 21, 2024

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ASML earnings drag semiconductor stocks lower

ASML earnings drag semiconductor stocks lower

Workers at Carl Zeiss ZMT are seen outside giant vacuum chambers where optical systems for ASML's new High NA EUV instrument are being tested.

ASML

Chip stocks fell on Wednesday after ASML, a major developer of semiconductor manufacturing equipment, said bookings fell 61% sequentially during the first quarter, a steeper decline than investors expected.

AMD shares fell nearly 6%, Nvidia shares fell more than 3%, Intel shares fell less than 2%, and Qualcomm shares fell more than 2%. But the biggest decline affected chip technology company Arm, which was trading down nearly 12% on Wednesday.

The ASML fell more than 7% on a day when the entire S&P 500 index fell just less than 1%.