Key insights
- Chipmakers experienced significant premarket losses, led by Broadcom, Micron, and Marvell, following Broadcom's weaker-than-expected earnings. This sell-off in the semiconductor space contributed to a broader decline in technology stocks and Nasdaq futures, indicating potential headwinds for the tech sector and a bearish sentiment among investors.
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Technology stocks fell in premarket trading Thursday, with chipmakers Broadcom, Micron Technology and Marvell Technology leading the losses as investors fled the semiconductor space.
Broadcom shares were down 14.6% ahead of the market open after the company, which designs and makes customized AI chips for other technology names, reported weaker-than-expected earnings on Wednesday.
The fall was part of a broader retreat from chipmakers and other tech stocks ahead of Thursday’s market open.
Micron Technology was down 6.2% in premarket trading, while Marvell Technologies had fallen 6.9%.
Elsewhere, Qualcomm shed 4%, with Intel falling 3.9%, and AMD down 4% ahead of the opening bell.
Futures tied to the tech-heavy Nasdaq were last seen 1.3% lower.