: Chip stocks are having their worst day of the year

The PHLX Semiconductor Index SOX is down 4% Wednesday, and is on pace for its worst one-day performance of the year, and its largest daily percentage loss since Dec. 22, 2022, when it fell 4.2%, Dow Jones market data show. Semiconductor stocks are feeling the impact of Texas Instruments Inc.’s TXNthird-quarter results. The chip maker, which is viewed as an industry bellwether, cited weakening industrial demand Tuesday afternoon as it underwhelmed with its forecast. Texas Instruments shares are down 3.4% Wednesday, outpacing the S&P 500 index’s SPX decline of 1.3%. Other chip giants are also seeing declines greater than the index. Shares of Advanced Micro Devices Inc. AMD shares are down 5.5%, Nvidia Corp.’s NVDA stock is down 4.3% and Intel Corp. INTC is down 4.9%.

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