Shares of Micron, Intel, and Advanced Micro Devices are all moving lower today
Shares of semiconductor firms Micron Technology Inc (NASDAQ:MU) ,Intel Corp (NASDAQ:INTC), and Advanced Micro Devices, Inc. (NASDAQ) are all moving lower today.
Micron stock was last seen down 3.9% to trade at $98.79, brushing off news that the U.S. Department of Commerce will award the company $6.1 billion to bolster advanced memory chip production facilities. This investment is anticipated to generate 20,000 jobs by the end of the decade. Despite today’s decline, MU rose 27.4% over the past 12 months, and has support from the 320-day moving average.
Intel stock, which was recently knocked off the Dow Jones Industrial Average (DJI) and carries a nearly 60% year-to-date deficit, is 2.5% lower at $20.29 at last check — its lowest level since September. The brokerage bunch chimed in today, with Mizuho raising its price target to $17 from $15, while Mobileye adjusted its price objective upward to $14 from $11.
Advanced Micro Devices stock also received analyst attention. Shares were last seen down 2% to trade at $128.26, after a BofA Global Research downgrade to “neutral” from “buy” and price target cut to $155 from $180. The analyst in coverage noted heightened competition from Nvidia (NVDA) in the artificial intelligence (AI) sector and strong cloud demand for customer chips.