Dernières nouvelles pour Intel (NASDAQ:INTC) Stock

Intel

Intel is a leading digital chipmaker, focused on the design and manufacturing of microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors and was the prime proponent of Moore's law for advances in semiconductor manufacturing. Intel remains the market share leader in central processing units in both the PC and server end markets. Intel has also been expanding into new adjacencies, such as communications infrastructure, automotive, and the Internet of Things. Further, Intel expects to leverage its chip manufacturing capabilities into an outsourced foundry model where it constructs chips for others.

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Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) CEO Lip-Bu Tan has reportedly unveiled a significant leadership shakeup, aiming to streamline the company's operations and put artificial intelligence at the forefront of its strategy.
What Happened: In an internal memo, Tan announced that key chip groups within Intel, including the data center, AI, and personal computer chip divisions, will now report directly to him, reported Reuters.
Tan also appointed Sachin Katti, the company's networking chip chief, as the new Chief Technology and AI Officer, tasking him with overseeing Intel&#8217;s AI strategy and product roadmap.
"I want to roll up my sleeves with the engineering and product teams so I can learn what's needed to strengthen our solutions," Tan wrote in the memo.
See Also:&nbsp;<a href="https://benzinga.com/markets/equities/25/04/44862552/ford-recalls-nearly-150000-vehicles-over-brake-and-powertrain-issues-nhtsa" target="_blank" rel="noreferrer noopener">Ford Recalls Nearly 150,000 Vehicles Over Brake And Powertrain Issues: NHTSA</a>
He also criticized Intel's previous bureaucratic culture.
&#8220;It's clear to me that organizational complexity and bureaucratic processes have been slowly suffocating the culture of innovation we need to win,&#8221; he said in the memo, adding, &#8220;It takes too long to make decisions. New ideas are not given room or resources to incubate. And unnecessary silos lead to inefficient execution.&#8221;
Why It's Important: The leadership reshuffle comes as Intel faces <a href="https://www.benzinga.com/25/03/44469986/intel-targets-major-foundry-clients-in-new-strategy-to-revitalize-chip-design-says-ubs">mounting pressure from competitors</a>, particularly Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), which has solidified its dominance in the AI chip market.
Tan, who took over as CEO last month, previously also shared the idea about revamping Intel&#8217;s operations and leadership while <a href="https://www.benzinga.com/25/03/44555938/intels-new-ceo-refuses-to-sugarcoat-the-companys-2024-performance-vows-to-align-spending-with-market-demand">refusing to sugarcoat </a>the company&#8217;s past performance.
Intel also faces new challenges with the <a href="https://www.benzinga.com/25/04/44855693/intel-stock-down-nearly-47-in-the-past-year-reportedly-joins-nvidia-in-facing-export-hurdles-to-china-as-us-implements-new-ai-chip-licensing-requirements">U.S. imposing licensing requirements</a> on AI chip exports to China, similar to those faced by Nvidia.
Price Action: Intel&#8217;s stock slipped 1.56% on Thursday, extending a broader decline that has seen shares tumble 46.95% over the past year. So far in 2025, the chipmaker is down 6.38%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Intel currently holds a growth score of 3.56% based on Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against</a> other leading players in the semiconductor space.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Intel CEO Lip-Bu Tan Slams 'Suffocating' Bureaucracy — Puts AI Front And Center With Leadership Reshuffle: 'Want To Roll Up My Sleeves…'

The <a href="https://www.benzinga.com/topic/semiconductors">semiconductor sector</a> is bracing for a shakeup, and JPMorgan&#8217;s Harlan Sur isn't mincing words. "Expect in-line results but tariff/trade related dynamics to drive weaker 2Q/2H25 and negative earnings revision cycle." That's Wall Street-speak for buckle up &#8211; it's about to get bumpy.
<h2 class="wp-block-heading">Tariff Troubles: A 15-25% EPS Trim Ahead?</h2>
As first-quarter earnings begin to roll in, Sur says the Street should prepare for a "kick off negative earnings revision cycle," with forward EPS estimates potentially being slashed by 15-25% over the next few quarters. Investors hoping that semi stocks had already hit bottom after a ~25% tariff-driven slump may be in for another jolt &#8211; Sur sees another 10-15% downside from here.
But this isn't just about numbers. The broader concern is about confidence, or lack thereof. "Rapidly changing tariff headlines are negatively impacting consumer and business confidence," Sur notes, with turn business — which can make up 20-30% of guidance &#8211; now at risk due to reduced visibility. Add in China's latest tariff volley against U.S.-fabricated chips, and names like Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Qorvo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>), and Skyworks Solutions Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>) suddenly look exposed.
Read Also: <a href="https://benzinga.com/trading-ideas/long-ideas/25/04/44818578/qorvo-stock-bounces-but-charts-still-bearish-starboards-jeffrey-smith-sees-a-comeback-play">Qorvo Stock Bounces, But Charts Still Bearish &#8211; Starboard&#8217;s Jeffrey Smith Sees A Comeback Play</a>
<h2 class="wp-block-heading">AI And Datacenter: The Only Bright Spots</h2>
That said, JPMorgan isn't throwing out the entire chip basket. Sur urges a "selective" approach, spotlighting Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Marvell Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) and Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>) as top picks &#8211; all tied closely to AI and data infrastructure. These are the companies best positioned to ride the "strong demand in accelerated compute/AI," even if GPU giants like Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) face potential downside from tightening China restrictions and "upcoming AI diffusion rules."
<h2 class="wp-block-heading">EDA, Semicap: Downturn-Proof Darlings</h2>
In the tools-of-the-trade corner, KLA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) and Synopsys Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) also earn JPM's stamp of approval. EDA players like Synopsys are seen as resilient. "R&amp;D budgets don't get cut in downturns," Sur says, a mantra every long-term investor in chip design software should pin to their monitors.
Meanwhile, the "flat-to-down" outlook for WFE (wafer fab equipment) in 2025 spells more caution for semicap names, though JPMorgan still favors Applied Materials Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), KLA Corp, and Lam Research Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) &#8211; all expected to outperform thanks to "rising capital intensity" and growing service revenue.
<h2 class="wp-block-heading">The Down-Cycle Playbook Moment Is Here</h2>
The macro backdrop remains fraught. JPM economists now peg the chance of a <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645681/jpmorgan-raises-recession-risk-to-60-as-largest-us-tax-hike-in-60-years-hits-global-economy">U.S. recession at 60%</a>, as the tariff storm clouds hang heavy. Demand pull-forward in smartphones might make the first quarter look fine, but "incremental conservatism" is expected to dominate the second quarter and H2 guidance.
Bottom line? 
This is a "down-cycle playbook" moment. The sector's long-term structural story — AI, content tailwinds, and rising chip complexity — remains intact. But for now, it's all about threading the needle between "inevitable slowdown" and the pockets of AI-driven strength.
And as Sur says, "remain selective on stocks."
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Broadcom, Marvell, Synopsys: The Chips That Might Not Crumble In The Coming Storm

On Thursday,&nbsp;Taiwan Semiconductor Manufacturing Co's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) first-quarter results beat forecasts, fueled by <a target="_blank" href="https://www.benzinga.com/topic/tsmc" rel="noreferrer noopener">demand for advanced</a> processor node technologies for artificial intelligence applications.
The contract chipmaker, which supplies chips for&nbsp;Nvidia Corp's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&nbsp;graphics processing unit&nbsp;(GPU)&nbsp;and&nbsp;Apple, Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&nbsp;smartphones, guided for strong second-quarter revenue.
Taiwan Semiconductor reported first-quarter net sales of $25.53 billion (839.25 billion New Taiwanese Dollars), up 41.6% year-over-year, topping the analyst consensus estimate of $23.92 billion. Net sales declined <a target="_blank" href="https://pr.tsmc.com/english/news/3222" rel="noreferrer noopener">3.4% quarter-over-quarter</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44851295/asml-cfo-incorporates-tariff-impact-in-outlook-reveals-strong-demand-for-advanced-euv-and-high-na-systems" rel="noreferrer noopener">ASML CFO Incorporates Tariff Impact In Outlook, Reveals Strong Demand For Advanced EUV And High NA Systems</a>
Net income and earnings per share were $361.56 billion New Taiwanese Dollars and 13.94 New Taiwanese Dollars per share (or $2.12), topping the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of $1.82</a>.
In U.S. dollar terms, revenue growth was 35.3% year over year and down by 5.1% quarter over quarter.&nbsp;The top-line performance&nbsp;aligned with the <a target="_blank" href="https://www.benzinga.com/news/earnings/25/01/43022654/taiwan-semiconductor-q4-earnings-3nm-and-5nm-nodes-lead-topline-growth-expands-margins-issues-strong-q1-outlook" rel="noreferrer noopener">company's guidance of</a> $25.0 billion to $25.8 billion.
The company said 3-nm accounted for 22% of the total revenue, 5-nm accounted for 36%, and 7-nm technologies accounted for 15%. 7-nm and more advanced technologies comprised 73% of the total wafer revenue.
Margin Profile: Taiwan Semiconductor's AI technology moat helped it expand its quarterly gross margins by 572 bps to 58.8%. Taiwan Semiconductor's operating margin expanded by 649 bps to 48.5%.
Outlook: Taiwan Semiconductor <a target="_blank" href="https://pr.tsmc.com/system/files/newspdf/attachment/47bb551441da2d6b6a3ec0c03763e3e7a18a243e/1Q25%20%28E%29_with%20guidance_final_wmn.pdf" rel="noreferrer noopener">guided second-quarter</a> 2025 revenue of $28.4 billion to $29.2 billion versus the $26.79<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> billion analyst estimate</a>. It expects a gross margin of 57% to 59% and operating profit margins of 47% to 49%.
CFO Wendell Huang said, "Moving into second quarter 2025, we expect our business to be supported by strong demand for our industry-leading 3nm and 5nm technologies. While we have not seen any changes in our customers' behavior so far, uncertainties and risks from the potential impact from tariff policies exist. We will continue to closely monitor the potential impact on the end market demand, and manage our business prudently."
Taiwan Semiconductor did not&nbsp;engage in discussions to form a venture or share its technology with any company, dismissing speculation of possible collaboration with struggling chipmaker&nbsp;Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2025-04-17/tsmc-dismisses-intel-tie-up-talk-says-no-intent-to-share-tech?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">reported</a>,&nbsp;citing company executives.
In March, Taiwan Semiconductor chief&nbsp;C.C. Wei&nbsp;<a target="_blank" href="https://www.benzinga.com/25/04/44815107/taiwan-semiconductor-preps-new-chip-tech-to-supercharge-ai-performance-by-2027" rel="noreferrer noopener">announced&nbsp;an additional</a> $100 billion&nbsp;investment&nbsp;in U.S. chipmaking (on top of $65 billion in April 2024). The investment followed&nbsp;President Donald Trump's verbal attacks&nbsp;on Taiwan "for stealing" the U.S. semiconductor business, which led to massive trade deficits for Washington.
Price Action:&nbsp;TSM stock traded higher by 4.40% to $157.33 premarket at the last check on Thursday.
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Taiwan Semiconductor CFO Anticipates Tariffs Impact But Has Not Seen Change In Customer Behavior Yet, Issues Strong Q2 Outlook

On Wednesday, Roger Dassen, CFO of ASML Holdings NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), a lithography equipment supplier to Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), acknowledged the contradiction between the U.S. government encouraging domestic chip manufacturing and imposing tariffs on crucial manufacturing tools.
What Happened: During the <a href="https://in.benzinga.com/25/04/44832382/nvidia-supplier-asml-beats-revenue-and-eps-estimates-euv-product-mix-performance-milestones-drive-q1-says-ceo">company's first-quarter earnings</a> call, analyst Andrew Gardiner from Citi pointed out the inconsistency in the U.S. strategy.
Gardiner highlighted the irony that, while the government is encouraging companies like Taiwan Semiconductor Manufacturing Co., Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) to set up semiconductor manufacturing facilities in the U.S., it is simultaneously imposing tariffs on essential tools required for this process.
He noted that this policy creates a roadblock for companies like ASML, which supplies critical semiconductor manufacturing equipment such as lithography machines.
In response, Dassen said that this contradiction has not gone unnoticed by the industry, customers, and the Donald Trump administration. &#8220;I think it is this complexity that is being recognized.&#8221;
See Also: <a href="https://www.benzinga.com/25/04/44855693/intel-stock-down-nearly-47-in-the-past-year-reportedly-joins-nvidia-in-facing-export-hurdles-to-china-as-us-implements-new-ai-chip-licensing-requirements">Intel Shares Have Dropped 47% In The Past Year, Now Chipmaker Faces China AI Chip Curbs Just Like Nvidia Amid Trade Tensions</a>
&#8220;U.S. administration has also said, we&#8217;re reviewing the entire ecosystem to figure out how to deal with this,&#8221; he stated, adding, &#8220;I think it is this complexity that is being recognized. And that&#8217;s why I think they&#8217;ve said they need a bit more time to understand how to do this and how they can achieve the objective with more onshoring of chip manufacturing in the United States.&#8221;
 &#8220;I think that&#8217;s the background of the of the delay that we now see and of the anticipated and announced review of this ecosystem.&#8221;
Why It's Important: During the earnings call, analyst Timm Schulze-Melander asked ASML about the pricing structure of its order backlog, specifically how much is set up as "ex works" (where customers handle shipping and customs) versus how much ASML is responsible for, including duties and delivery.
&#8220;In general, we are the importers into the country. But of course, that is actually a bit irrelevant because, at the end of the day, it depends on the contractual agreements that we have with the customers — how you pass on tariff increases there.&#8221;
He went on to add that the company believes these costs should be fairly shared across the supply chain, not borne by ASML alone.
Earlier, while speaking with reporters, Dassen also said that ASML has no intention of shifting more of its production to the U.S. to reduce tariff risks, <a href="https://www.bloomberg.com/news/articles/2025-04-16/asml-orders-miss-estimates-as-uncertainty-over-us-tariffs-loom">reported</a> Bloomberg.&nbsp;
"Most of the final assembly of what we do happens here in the Netherlands," he noted.
Dassen also stated that ASML plans to pass a substantial portion of any tariffs onto its customers, arguing that the financial impact should be distributed fairly, especially to those importing the machines into the U.S., who he believes should carry the bulk of the cost.
ASML, the Dutch tech firm whose major clients include TSMC and Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), posted first-quarter revenue of €7.742 billion ($8.764 billion), surpassing analyst expectations of €7.760 billion by 12.94%, according to <a href="https://www.benzinga.com/quote/ASML/earnings">Benzinga Pro</a>.
Price Action: ASML shares declined by 7.06% on Wednesday and have fallen more than 30% over the past year.
Based on <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga's Edge Stock Rankings</a>, ASML scores a solid 67.07% in growth, though it lags in momentum and value metrics. Curious how Nvidia, Intel, and others stack up? Check out Benzinga Edge for deeper insights.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/quote/ASML"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/17023321/Screenshot-2025-04-17-at-12.03.16%E2%80%AFPM.png" alt="" class="wp-image-875785" /></a></figure>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

ASML

Trump Administration Sees The Conflict Between US Chip Goals And Tariffs, Says Nvidia-Supplier ASML's CFO

Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has reportedly informed its Chinese clients last week that it will now require a license to export certain advanced artificial intelligence processors.
What Happened: The new restriction applies to chips with a total DRAM bandwidth of 1,400 gigabytes per second or more, or an I/O bandwidth of 1,100 GB per second, <a href="https://www.ft.com/content/7935826a-ba3b-4f6b-a64d-b8167d5dc38e">reported</a> Financial Times.
The Gaudi series from Intel, similar to Nvidia Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H20 processor, exceeds these thresholds and will be affected by the new rules.
The move comes a day after Nvidia warned it <a href="https://www.benzinga.com/25/04/44830406/nvidia-to-take-55-billion-hit-over-china-chip-export-restrictions-but-top-analyst-dan-ives-says-hes-not-overly-concerned-all-part-of-the-high-game-of-poker">could face a $5.5 billion hit</a> from similar export restrictions imposed by the U.S. government.
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Why It&#8217;s Important: The latest chip licensing rule marks a new escalation in the <a href="https://www.benzinga.com/markets/25/04/44806095/as-xi-jinping-urges-vietnam-to-stand-against-unilateral-bullying-trump-labels-the-meeting-a-plan-to-screw-the-united-states-of-america">ongoing U.S.-China trade tensions</a>. While the Donald Trump administration has paused reciprocal tariffs for several nations, it has simultaneously imposed higher duties on Chinese imports.
In response, China hit back over the weekend with retaliatory tariffs of up to 125% on U.S. goods.
Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) disclosed in a Wednesday morning filing that new export restrictions on chips could lead to charges of <a href="https://www.benzinga.com/government/regulations/25/04/44844097/amd-flags-800-million-risk-from-new-us-chip-export-rules-as-china-tariffs-add-pressure">up to $800 million tied</a> to inventory and purchase commitments.
Meanwhile, ASML Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) released its first-quarter earnings on Wednesday, <a href="https://www.benzinga.com/25/04/44841356/chip-stocks-are-facing-selling-pressure-wednesday-heres-why">cautioning that rising tariffs</a> have added uncertainty to its outlook, potentially contributing to broader market weakness.
Price Action: Intel's shares fell by 3.12% on Wednesday, continuing a downward trend that has seen its stock drop nearly 47% in the past year. Year-to-date, Intel is down by 4.9%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
AMD shares dropped 7.35% on Wednesday, while ASML and Nvidia fell 7.06% and 6.87%, respectively, reflecting broader pressure on the semiconductor sector.
Intel currently holds a growth score of 3.51%, according to Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares</a> with Nvidia, ASML, AMD, and other major players in the chip industry.
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Intel Shares Have Dropped 47% In The Past Year, Now Chipmaker Faces China AI Chip Curbs Just Like Nvidia Amid Trade Tensions

The first-quarter <a target="_blank" href="https://www.benzinga.com/topic/semiconductors" rel="noreferrer noopener">semiconductor earnings parade</a> kicks off with ASML Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) <a target="_blank" href="https://www.benzinga.com/25/04/44832382/nvidia-supplier-asml-beats-revenue-and-eps-estimates-euv-product-mix-performance-milestones-drive-q1-says-ceo" rel="noreferrer noopener">on Wednesday</a> and Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) on Thursday, followed by the U.S. semi and semicap peers in the following week.
For U.S. chip vendors, BofA Securities analysts Vivek Arya and Duksan Jang expect first-quarter results to beat as their original outlook was likely conservative and tariff-related pull-ins created a better demand environment.
However, the second-quarter outlook could be in line as companies could widen the guidance range.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44841545/applied-materials-lam-research-kla-drop-amid-fresh-trade-war-fears-revenue-risk" rel="noreferrer noopener">Applied Materials, Lam Research, KLA Drop Amid Fresh Trade War Fears, Revenue Risk</a>
Regarding tariff impact, Arya and Jang expect U.S. chip companies to follow the example of early reporting companies Taiwan Semiconductor, ASML, Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), and Lam Research Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>).
The analysts generically express concern on second-half demand headwinds and quantified gross margin headwinds from inflationary supply chain movements (such as Nvidia Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) and Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)) and higher U.S. sourcing.
Overall, semi-industry overhangs could persist pending clarity on new sectoral tariff rates (next several weeks), China retaliation, U.S. reciprocal tariffs, and AI diffusion rules (May 15).
On the positive side, despite some downside to estimates, valuation has become more compelling for high-quality areas in cloud/AI (Nvidia, Broadcom Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avgo#NASDAQ">AVGO</a>)), design software (Cadence Design Systems, Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdns#NASDAQ">CDNS</a>), Synopsys, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>)) and semicap (Lam Research, KLA Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/klac#NASDAQ">KLAC</a>)).
The analysts laid down two potential scenarios, which are modest tariff impact and dire tariff impact. Their modest scenario aligns with limited China and reciprocal tariffs, while the dire scenario implies the implementation of specific sectoral tariffs on semis/electronics (tariff rates not yet announced).
In a modest scenario, tariffs could drive roughly ~4% hit to calendar 2025 sales and ~6% hit to calendar 2026 versus current consensus, with EPS declines mostly ranging between 5%-25% (12%-13% average) inclusive of 150bps gross margin hit.
In a dire scenario, estimates could be further pushed down, with a 9% and 12% sales decline in calendar 2025 and 2026 and EPS declines mostly ranging between 15%-50% (25%-30% average) inclusive of a 500bps gross margin hit.
For revenue impact, the analysts noted companies with AI/cloud/industrial exposures to fare better in a potential tariff-induced demand downturn.
At the same time, those with consumer/auto are at greater risk. Nvidia, Lam Research, Cadence Design Systems, Synopsys, and Applied Materials, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) are among the companies with the least potential sales impact (at -1% to -6% sales impact), while Arm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), NXP Semiconductors (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), ON Semiconductor Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) could fare worse (at -7% to -9% impact).
Importantly, even under the above distressed EPS scenario (dire tariffs), Nvidia, Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), Synopsys, and Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) have a 30%+ potential upside to historical P/E or PEG multiple at current stock price.
In a modest tariff scenario, the EPS hits of 12%-13% (2-2.5 times sales) are well below the 30%-40% reductions the analysts have seen in prior market downturns. However, the primary concern is PE multiple compression due to enhanced market risks.
The SOX index is currently trading at ~18 times forward PE, below the broader SPX at ~20 times, though above the 12-14 times PE at prior semi-industry downturns. Notably, the SOX index has more than given up the ~20% PE premium it gained during AI-fueled stock gains in calendar 2023 and 2024.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44844097/amd-flags-800-million-risk-from-new-us-chip-export-rules-as-china-tariffs-add-pressure" target="_blank" rel="noreferrer noopener">AMD Flags $800 Million Risk From New US Chip Export Rules As China Tariffs Add Pressure</a></li>
</ul>
Photo via Shutterstock

CDNS

NXPI

These Semiconductor Stocks To Face Least Tariffs Impact Compared To Intel

ASML Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>)&nbsp;reported a <a target="_blank" href="https://www.benzinga.com/topic/chips" rel="noreferrer noopener">fiscal first-quarter 2025</a> report on Wednesday.
The chip equipment company reported quarterly net sales of €7.74 billion ($8.14 billion), up 46.3% year over year. However, the quarterly net sales missed the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g44831110/asml-reports-7-7-billion-total-net-sales-and-2-4-billion-net-income-in-q1-2025" rel="noreferrer noopener">analyst consensus estimate of €7.82 billion</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44651259/asml-stock-hits-52-week-low-as-trumps-eu-tariffs-and-china-sanctions-weigh-on-outlook" rel="noreferrer noopener">Trump&#8217;s EU Tariffs Impacts Chip Equipment Giant ASML, Stock Hits 52-Week Low</a>
The quarterly net bookings were €3.94 billion, up from €3.61 billion a year ago.
The gross margin expanded 300 bps Y/Y to 54.0%, as the ASP for EUV was higher due to more NXE:3800 versus NXE:3600 in the mix than anticipated. In the first quarter, ASML shipped its fifth High NA system and now has these systems at three customers.
GAAP EPS of €6.00 ($6.31) increased from €3.11 last year. The <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate was €5.79</a> ($5.76).
ASML held €9.10 billion in cash and equivalents. Its board proposed a 2024 dividend of €6.40 per ordinary share, a 4.9% increase Y/Y.
Outlook:&nbsp;ASML expects second-quarter net sales of €7.2 billion-€7.7 billion (versus <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">analyst consensus estimate of €7.73 billion</a>) and a gross margin of 50%-53%.
The company reiterated fiscal&nbsp;2025 total net sales outlook of €30 billion-€35 billion (compared to the analyst consensus estimate of €32.41 billion) subject to the uncertainties.&nbsp;
The company is on track to accomplish 2030 revenue of €44 billion-€60 billion and a gross margin of 56%-60% backed by AI and its business segments.
CEO&nbsp;Christophe Fouquet still noted strong Logic segment growth as customers ramp up their very advanced Logic node 2-nm. He expects the Memory segment to remain strong at par with 2024, backed by its customer activity. The Installed Base segment is growing backed by a more potent mix of EUV versus DUV.
ASML also received positive feedback regarding ASML&#8217;s Numerical Aperture (NA) products from the SPIE conference. Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) said they had exposed over 30,000 wafers on their tool and stressed that High NA could help them simplify their process.
Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) said that High NA could reduce their cycle time in fact by 60%. Additionally, ASML shipped all its EXE:5000, and three of its customers have installed this tool.
CFO&nbsp;Roger Dassen outlined <a target="_blank" href="https://www.benzinga.com/25/04/44833646/from-parts-to-profits-tariffs-have-a-4x-hit-on-asmls-bottom-line-says-cfo" rel="noreferrer noopener">the potential fallout</a> from tariffs imposed on complete system shipments into the U.S., parts and tools required for ASML&#8217;s field operations within the U.S., the material imports that ASML needs to manufacture in its U.S.-based facilities, and the reciprocal tariffs imposed by other countries on ASML&#8217;s shipments from the U.S.
Price Action: ASML stock is down 6.95% at $635.70 at last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/price-target/25/04/44828811/intel-growth-challenges-are-not-over-despite-altera-stake-sale-analyst" target="_blank" rel="noreferrer noopener">Intel Growth Challenges Are Not Over Despite Altera Stake Sale: Analyst</a></li>
</ul>
Photo courtesy Skorzewiak via Shutterstock

Dividends

SSNLF

ASML CFO Incorporates Tariff Impact In Outlook, Reveals Strong Demand For Advanced EUV And High NA Systems

Chip stocks are sliding Wednesday after NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) announced that the U.S. government will start requiring a license to <a href="https://www.benzinga.com/news/global/25/04/44828742/nvidia-stock-is-tumbling-after-hours-heres-why">export chips to China</a>. 
What Happened: In a regulatory filing late Tuesday, Nvidia said the U.S. government contacted the company on April 9, informing the chipmaker that it will need a license to sell H20 chips to China.
The filing also states that a license will be required for any other circuits achieving the H20&#8217;s memory bandwidth, interconnect bandwidth, or a combination thereof.
Nvidia shares tumbled on the news, dragging down several other chip stocks with it. The VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) was down about 3.75% at the time of writing Wednesday morning, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Here&#8217;s a look at some of the semiconductor names moving lower on Wednesday:
<ul>
<li>Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</li>
</ul>
<ul>
<li>ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>)</li>
</ul>
<ul>
<li>Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>)</li>
</ul>
<ul>
<li>Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</li>
</ul>
<ul>
<li>QUALCOMM Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>)</li>
</ul>
<ul>
<li>Applied Materials Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>)</li>
</ul>
<ul>
<li>Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</li>
</ul>
<ul>
<li>Micron Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>)</li>
</ul>
The license requirement will be in effect for the indefinite future in an effort to address risks associated with the potential for China to use the products for a supercomputer. 
As a result of the restrictions, Nvidia said it expects its first-quarter financial results to include up to $5.5 billion of charges associated with H20 products held in inventory. 
AMD also said in a filing Wednesday morning that the new export controls on chips could result in charges of up to approximately $800 million related to inventory and purchase commitments. 
ASML, the largest supplier of chipmaking equipment, reported <a href="https://www.benzinga.com/25/04/44833646/from-parts-to-profits-tariffs-have-a-4x-hit-on-asmls-bottom-line-says-cfo">first-quarter results</a> before the market open on Wednesday. The company warned that tariffs have increased uncertainty surrounding the company&#8217;s outlook, which may be adding to the weakness across the board. 
&#8220;Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years. However, the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while,&#8221; ASML CEO Christophe Fouquet said.
BofA Securities <a href="https://www.benzinga.com/analyst-stock-ratings">cut price targets</a> on several semiconductor names Wednesday morning due to potential impacts of tariffs. 
The new chip license requirement is the latest in an intensifying <a href="https://www.benzinga.com/markets/25/04/44806095/as-xi-jinping-urges-vietnam-to-stand-against-unilateral-bullying-trump-labels-the-meeting-a-plan-to-screw-the-united-states-of-america" target="_blank" rel="noreferrer noopener">trade war with China</a>. The Trump administration paused reciprocal tariffs for most countries last week, but ramped up tariffs on China. China responded with 125% retaliatory tariffs on American goods over the weekend.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44830391/us-stock-futures-nikkei-slip-amid-fresh-nvidia-headwinds-dollar-continues-to-lose-steam">US Stock Futures, Nikkei Slip Amid Fresh Nvidia Headwinds: Dollar Continues To Lose Steam</a></li>
</ul>
Photo: <a href="https://www.shutterstock.com/g/yakobchuk">AKOBCHUK V</a>/Shutterstock.

Global

QCOM

Chip Stocks Are Facing Selling Pressure Wednesday: Here's Why

Susquehanna analyst Christopher Rolland maintains Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) with a Neutral and lowers the price target from $24 to $22.

Price Target

Susquehanna Maintains Neutral on Intel, Lowers Price Target to $22

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Shares of chip stocks are trading lower after NVIDIA said it was recently informed by the US government that it will need a license to export chips to China. Additionally, warned that tariffs have increased uncertainty surrounding the company's outlook, which may be adding to the weakness across the board.

JP Morgan analyst Harlan Sur reiterated an Underweight rating on Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) on Tuesday, setting a <a target="_blank" href="https://www.benzinga.com/quote/INTC/analyst-ratings" rel="noreferrer noopener">price forecast of $23</a>.
On Monday, before the market opened, Intel announced a <a target="_blank" href="https://www.benzinga.com/25/04/44792707/intel-stock-surges-5-on-potential-altera-sale-trumps-tariff-relief-provides-added-boost" rel="noreferrer noopener">51% stake sale</a> of its programmable chip business, Altera, to private equity firm Silver Lake Management for $4.46 billion, valuing Altera at $8.75 billion with a transaction multiple of ~5.7 times calendar 2024 sales.
As a reference, Intel bought Altera in 2015 at 9 times calendar 2014 sales and in 2020, and Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) bought Xilinx for 11 times calendar 2019 sales).
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44786708/why-are-semiconductor-stocks-trading-higher-on-monday" rel="noreferrer noopener">Chip Stocks Rise as Trump Pushes Tariffs, Exempts Phones and Backs US Semiconductor Production</a>
Over the past 10 years, since Intel acquired Altera, revenues have declined by 20% compared to 87% growth for the overall semiconductor industry.
The transaction marks Intel&#8217;s first significant strategic move under its new CEO, Lip-Bu Tan. It underpins the company&#8217;s broader turnaround strategy and refocuses on its core x86 businesses.&nbsp;&nbsp;
Financially, Altera generated $1.54 billion in revenue last year (putting the deal value at 6 times calendar 2024 sales) with ~50% adjusted gross margin, and we estimate Altera&#8217;s revenue to grow to $1.6 billion (+4%) in calendar 2025.
Intel originally acquired Altera for $16.7 billion in December 2015, 9 times calendar 2014 sales. The lower transaction value reflects a lower revenue profile (Altera revenues are down 20% over the past 10 years versus 87% growth in the semiconductor industry) and margin profile.
Intel plans to de-consolidate Altera from its financial statements and expects to close the deal in the second half of calendar 2025.&nbsp;The sale strengthens Intel&#8217;s balance sheet amid a more challenging macro environment.
Raghib Hussain will succeed Sandra Rivera as CEO of Altera (effective May 5). Previously, Raghib was President of Products and Technologies at Marvell Technology, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), overseeing advancements in its custom AI chips and networking solutions business.
Raghib led the Data Center Cloud Group, focusing on integrated silicon portfolios for switching, connectivity, and computing.
Overall, Sur noted this is a step in the right direction. However, he remained underweight on the stock as Intel continues to navigate through a challenging period, as it right-sizes the company and continues to move forward with its technology/manufacturing product roadmaps.
Sur projected first-quarter revenue of $12.2 billion and adjusted EPS of $0.00.
Price Action: INTC stock closed lower by 2.26% at $19.85 on Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/media/25/04/44819954/apple-plans-on-device-ai-data-analysis-to-boost-privacy-catch-up-in-ai-race" target="_blank" rel="noreferrer noopener">Apple Plans On-Device AI Data Analysis To Boost Privacy, Catch Up In AI Race</a></li>
</ul>
Photo Courtesy: Tada Images On Shutterstock

Reiteration

Intel Growth Challenges Are Not Over Despite Altera Stake Sale: Analyst

Dutch exports to China dropped in March, <a target="_blank" href="https://www.benzinga.com/topic/chip-stocks" rel="noreferrer noopener">implying that shipments</a> from ASML Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) neared clearing a backlog of orders from China.
ASML makes the most advanced machines used in chip production, known as extreme ultraviolet, or EUV, lithography tools to produce the chips necessary for premium <a target="_blank" href="https://www.benzinga.com/25/04/44651259/asml-stock-hits-52-week-low-as-trumps-eu-tariffs-and-china-sanctions-weigh-on-outlook" rel="noreferrer noopener">smartphones and computers</a>.
The EUV lithography market was worth $10.09 billion in 2023 and could reach&nbsp;$35.70 billion by 2032, implying a CAGR of 15.1% from&nbsp;2024 to 2032.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44631510/asml-to-boost-japan-workforce-5x-amid-global-race-for-advanced-semiconductor-tech" rel="noreferrer noopener">Chip Equipment Maker ASML To Boost Japan Workforce 5x Amid Global Race For Advanced Semiconductor Tech</a>
Chinese researchers announced the creation of the N-polar gallium nitride (GaN) wafer at eight inches (20.3 cm), which&nbsp;could slash production costs by 40%, thereby speeding up global adoption of the technology in satellite communications and&nbsp;electric vehicles&nbsp;(EVs), SCMP <a target="_blank" href="https://www.scmp.com/news/china/diplomacy/article/3306481/dutch-exports-china-tumble-chip-machine-giant-asml-clears-back-orders-amid-us-bans" rel="noreferrer noopener">reported</a> Tuesday.
Experts consider the GaN a flagship third-generation compound semiconductor catering to high-frequency, high-power applications, including&nbsp;5G/6G networks, satellite communications, autonomous vehicles, and radar systems.
Industry analysts told the SCMP that GaN could trigger shifts across these sectors once mass-production technology reaches its critical point.
Meanwhile, the Street awaited clarity on the risks posed by U.S. President Donald Trump on the semiconductor industry when computer chip equipment maker ASML&nbsp;reports first-quarter earnings on Wednesday.
On Sunday, Trump&nbsp;offered respite to ASML from the 10% &#8220;baseline&#8221; tariffs as he prepares to impose a sector-wide tariff on chips.
ASML&#8217;s net bookings will likely reach 4.89 billion euros ($5.56 billion) in the first quarter, Reuters cited Visible Alpha estimates.
The U.S. accounted for 17% of ASML&#8217;s revenue in 2024. The share will likely grow as Trump seeks&nbsp;to push&nbsp;chipmaking investments back to the U.S. and a slowdown in Chinese spending.
ASML&#8217;s biggest customer, Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), has committed over&nbsp;$100 billion&nbsp;to five new factories in Taiwan.
ASML stock plunged 34% in the last 12 months as it grappled with the Biden administration&#8217;s <a target="_blank" href="https://www.benzinga.com/25/03/44136859/asml-faces-uncertainty-as-us-sanctions-on-china-cut-demand-stock-down-24-in-12-months" rel="noreferrer noopener">embargo on China</a>. Additionally,&nbsp;struggling chipmaker Intel&nbsp;Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) is a key client of ASML. Therefore, reports of a possible takeover or split of the company may impact ASML demand.
Morningstar analyst Javier Correonero told Reuters that he does not expect chipmakers to refuse ASML technology due to the tariffs. He also highlighted that ASML&#8217;s EUV has no substitute in certain instances.
Still, Mizuho and Jefferies analysts expect Chinese chipmakers to stock up in the first quarter in fear of more semiconductor embargoes on its trading partners.
Price Action:&nbsp;ASML stock closed higher by 1.53% at $683.16 on Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/eurozone/25/03/44253751/asml-boosts-ai-chip-rd-in-europe-amid-us-sanctions-china-slowdown-and-subsidy-uncertainty" target="_blank" rel="noreferrer noopener">ASML Boosts AI Chip R&amp;D In Europe Amid U.S. Sanctions, China Slowdown, And Subsidy Uncertainty</a></li>
</ul>
Photo via ASML

ASML Approaches End Of China Backlog, Eyes Growth in AI and Advanced Chip Demand

Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) CEO Lisa Su confirmed on Tuesday that the company is ready to start chip production at Taiwan Semiconductor Manufacturing Co.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) Arizona facility and will manufacture more artificial intelligence servers in the United States.
What Happened: Speaking to reporters at National Taiwan University in Taipei, Su&#8217;s announcement comes amid increasing focus on domestic semiconductor manufacturing and potential new tariffs on imported chips, reported Reuters. President Donald Trump said that he would announce semiconductor import tariff rates this week on Sunday, though he noted that there would be &#8220;flexibility with some companies.&#8221;
AMD also revealed Monday it has achieved a significant manufacturing milestone with its next-generation EPYC processor, codenamed &#8220;Venice,&#8221; becoming the first high-performance computing product in the industry to be taped out on TSMC&#8217;s advanced 2-nanometer (N2) process. The Venice processors are scheduled to launch next year.
&#8220;TSMC has been a key partner for many years and our deep collaboration with their R&amp;D and manufacturing teams has enabled AMD to consistently deliver leadership products,&#8221; Su said in Monday&#8217;s statement.
See Also: <a href="https://www.benzinga.com/25/04/44802211/5-small-businesses-hit-trump-with-lawsuit-over-tariffs-trade-deficits-are-not-an-emergency">5 Small Businesses Hit Trump With Lawsuit Over Tariffs: Trade Deficits &#8216;Are Not An Emergency&#8217;</a>
Why It Matters: The company also announced successful validation of its 5th generation EPYC CPU products at TSMC&#8217;s new Arizona fabrication facility, underscoring AMD&#8217;s commitment to U.S. manufacturing at a time when semiconductor supply chains face geopolitical scrutiny.
TSMC Chairman and CEO C.C. Wei highlighted the partnership, saying: &#8220;By working together, we are driving significant technology scaling resulting in better performance, power efficiency and yields for high-performance silicon.&#8221;
AMD relies heavily on TSMC, the world&#8217;s largest contract chipmaker, to manufacture its processors as it competes against Intel Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) dominance in the microprocessor market and NVIDIA Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) strength in graphics processing units.
AMD trails Nvidia in momentum but outperforms Intel on growth metrics, according to Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Sign up for more insights</a>.
Photo Courtesy: jamesonwu1972 On Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/government/regulations/25/04/44801373/a-us-recession-in-2025-betting-odds-say-its-more-likely-than-not">A US Recession In 2025? Betting Odds Say It&#8217;s More Likely Than Not</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

AMD CEO Lisa Su Confirms AI Server Production in US, Taps TSMC Arizona For Chips As 'Venice' Hits 2nm Milestone Amid Tariff Uncertainty

<a href="https://www.bloomberg.com/news/articles/2025-04-14/silver-lake-lines-up-2-billion-debt-financing-for-altera-deal" title="https://www.bloomberg.com/news/articles/2025-04-14/silver-lake-lines-up-2-billion-debt-financing-for-altera-deal">https://www.bloomberg.com/news/articles/2025-04-14/silver-lake-lines-up-2-billion-debt-financing-for-altera-deal</a>

Asset Sales

"A Group Of Banks Is Providing Silver Lake Management $2B In Debt For Its Acquisition Of A 51% Stake In Programmable Chips Unit Altera From Intel" - Bloomberg News

UBS analyst Timothy Arcuri maintains Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) with a Neutral and lowers the price target from $23 to $22.

UBS Maintains Neutral on Intel, Lowers Price Target to $22

<a href="https://www.benzinga.com/etfs">Semiconductor ETFs </a>are attracting investor attention this week as the industry finds itself at the focal point of global trade tensions. U.S. President Donald Trump is poised to announce new tariff levels on foreign semiconductors within days, a move that could remake supply chains and spook markets already nervous following recent trade volatility.
While the White House considers the shape of the <a href="https://www.benzinga.com/topic/semiconductors">future chip industry</a>, investors are focusing on ETFs with heavy exposure to chipmakers. Whether tariffs fuel more market volatility or offer a buying opportunity largely depends on how the policy plays out over the next few weeks.
Also Read: <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44724362/chip-stocks-surge-as-trump-pauses-tariffs-for-us-allies-targets-china-with-125-duties">Chip Stocks Surge As Trump Pauses Tariffs For US Allies, Targets China With 125% Duties</a>
3 Semiconductor ETFs To Watch Amid Tariff Headlines
iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>)
One of the sector&#8217;s most liquid and best-followed funds, SOXX provides exposure to U.S.-listed behemoths such as Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), and Broadcom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>). As it is based on global manufacturing and cross-border supply chains, SOXX may be vulnerable to import tariffs and higher component prices.
VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>)
SMH is distinguished by its international makeup, featuring giants such as Taiwan Semiconductor Manufacturing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and ASML Holding&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>). Taiwan&#8217;s tariff talks with the U.S. will be important here, particularly if the island achieves exemptions that may protect SMH&#8217;s non-U.S. holdings from policy jolts.
SPDR S&amp;P Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XSD#NYSE">XSD</a>)
An equally weighted ETF, XSD leans slightly more toward small and mid-cap chipmakers such as ON Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) and some large-cap ones like Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>). It may provide a hedge against large-cap concentration risk if giants like Nvidia or TSMC are subject to tariff pressure.
The Policy Backdrop: Tariffs, Taiwan And Tech
Trump&#8217;s planned action is part of a larger national security investigation into the electronics supply chain, unveiled over the weekend. Whereas smartphones and laptops had previously been spared recent retaliatory tariffs on China, officials now indicate that advanced technology products—such as semiconductors, personal electronics, and medicines—will soon bear standalone duties, as reported by Reuters.
On Sunday, Trump said that the White House wants to simplify the chip market from many other companies and aims to produce chips in the U.S., adding that some companies might be allowed flexibility in implementation. He said new tariff levels on foreign semiconductors will be announced this week.
Commerce Secretary Howard Lutnick confirmed that a &#8220;special focus-type of tariff&#8221; on fundamental tech imports will be introduced over the next two months. The standalone regime would operate in parallel to reciprocal tariffs, which, according to Reuters, rose to 125% on Chinese imports last week.
The uncertainty has unsettled markets. The S&amp;P 500 has fallen over 10% since Trump&#8217;s Jan. 20 inauguration, and the chip sector has experienced some of the deepest intraday plunges in months.
Simultaneously, Taiwan, which plays a vital role in the world chip community, has been positively negotiating with Washington to avoid getting engulfed in the tariff wave. President Lai Ching-te affirmed that the initial dialogue has been &#8220;smooth,&#8221; and Taipei is looking to turn the crisis into a silver lining as far as deep trade integration with Washington is concerned, as per another Reuters report. TSMC&#8217;s latest promise of further investing $100 billion in America complements such a strategy.
While the world holds its breath for what Trump will do next, investors in semiconductor ETFs are keeping a close watch. Whether the result produces tariff clarity or more turbulence, the industry is at the crossroads of geopolitics, policy and market performance.
Next Up: 
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<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/04/44795549/etfs-last-week-wall-street-whipsaws-dollar-under-siege-yet-these-5-funds-won">ETFs Last Week: Wall Street Whipsaws, Dollar Under Siege, Yet These 5 Funds Won</a></li>
</ul>
Photo: Shutterstock

Specialty ETFs

ETFs

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Chip Shock: 3 Hot Semiconductor ETFs To Watch As Trump's Tariff Bomb Ticks

Needham analyst Quinn Bolton reiterates Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) from Hold to Hold.

Needham Reiterates Hold on Intelto Hold

A temporary delay in new U.S. tariffs on tech imports from China sparked <a href="https://www.benzinga.com/topic/semiconductors">a broad semiconductor rally</a>.
What Happened: The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) jumped 2.5% by 9:40 a.m. ET Monday, extending its rally to 19% from last week's lows.
Monday&#8217;s top individual gainers within the SOXX ETF included:
<ul>
<li>Entegris Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENTG#NASDAQ">ENTG</a>) surged 6.7% to $74.37</li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) rose 6.1% to $20.95</li>
<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) gained 5.8% to $73.56</li>
<li>Qorvo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) added 5.1% to $59.16</li>
<li>MKS Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MKSI#NASDAQ">MKSI</a>) climbed 4.2% to $68.25</li>
<li>Universal Display Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NASDAQ">OLED</a>) rose 3.8% to $117.02</li>
<li>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) advanced 3.7% to $153.01</li>
</ul>
In a research note published on Monday, Bank of America analyst Vivek Arya called the one-to-two-month delay on electronics tariffs &#8220;incrementally positive.&#8221; The delay, which allows industry debate before the White House finalizes so-called &#8220;sectoral&#8221; tariffs targeting semiconductors, was enough to trigger <a href="https://www.benzinga.com/topic/chipmakers">sharp gains in chip stocks</a>.
Sentiment also improved following the U.S. Customs and Border Protection's decision Friday to exclude several electronic categories—such as smartphones and PCs—from immediate reciprocal tariffs.
"The delay is a net positive," Arya said, citing how electronics represent roughly 50% of global chip demand. 
"It allows for debate and discussion on this critical end-market,&#8221; he added. 
Arya noted that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), the world's largest semiconductor buyer, was also excluded from tariff pressure during Trump&#8217;s first term.
Arya reaffirmed a bullish stance on chipmakers with exposure to artificial intelligence and reshoring themes, including Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>).
Cadence Design Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) and Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) remain his key preferences among chip-design software firms.
For semiconductor capital equipment—a group seen as direct beneficiaries of U.S. manufacturing—Arya highlighted Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) and KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>).
The analyst also noted a potential tailwind from increased domestic production efforts. Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>)&#8217;s $195 billion U.S. investments, Apple's $500 billion pledge and Nvidia's $200 billion U.S. expansion could all influence the shaping of final tariff rules.
"We expect over time for TSMC to front-end process most—if not all—semis required by its U.S. fabless customers within its Arizona fabs," Arya said, adding that a potential Intel-TSMC joint venture could further boost domestic chip output.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44788262/apples-margins-catch-a-break-but-road-ahead-still-looks-bumpy">Apple&#8217;s Margins Catch A Break, But Road Ahead Still Looks Bumpy</a>
Why It Matters: Despite Monday's rally, Arya maintained a cautious view on chipmakers heavily exposed to consumer-facing segments like smartphones and PCs. 
After all, President Donald Trump clarified Sunday that electronics aren&#8217;t fully exempt. They will instead be folded into a separate sector-focused tariff plan to be announced in the coming months. 
Therefore, it&#8217;s unclear how sectoral tariffs will apply to U.S. electronics assembled in China using foreign-made chips.
"Semis remain a high beta sector and exposed to volatility," Arya said. However, he expects companies tied to AI and infrastructure to remain well-positioned to deliver on earnings expectations.
One risk Arya flagged is the upcoming May 15 compliance deadline for new U.S. rules governing the export of AI chips, which could limit shipments outside a small group of 19 &#8220;Tier 1&#8221; nations.
Still, with the delay in electronics tariffs offering space for negotiation, investors appear to be betting that the worst-case trade scenarios for U.S. chipmakers could be avoided, at least for now.
Now Read: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44787080/goldman-sachs-cheers-china-tariff-exemptions-lifts-earnings-forecasts-for-apple-dell-hp">Goldman Sachs Cheers China Tariff Exemptions, Lifts Earnings Forecasts For Apple, Dell, HP</a></li>
</ul>
Image: Shutterstock

Large Cap

Mid Cap

Broad U.S. Equity ETFs

OLED

7 Chipmaker Stocks Set To Gain As Trump Delays Tariff Blow On Key China Tech Imports: Bank Of America

On Monday, Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) announced plans to sell 51% of its Altera business to Silver Lake at a <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44787167/intel-announces-strategic-investment-by-silver-lake-in-altera" rel="noreferrer noopener">valuation of $8.75 billion</a>.
Intel will own the remaining 49% of the Altera business, enabling it to participate in Altera&#8217;s future success while focusing on its core business.
Intel also announced that Raghib Hussain will succeed Sandra Rivera as CEO of Altera, effective May 5.&nbsp;
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44732800/taiwan-semiconductor-reports-255-billion-q1-revenue-surges-42-in-despite-us-tensions" rel="noreferrer noopener">Taiwan Semiconductor Clocks Massive Q1 Revenue Growth Despite US Tensions</a>
The transaction will likely close in the second half of 2025, subject to customary closing conditions.
The transaction establishes Altera&#8217;s operational independence and makes it the largest pure-play FPGA (field programmable gate array) semiconductor solutions company.
In fiscal 2024, Altera generated revenues of $1.54 billion, with an adjusted gross margin of $769 million and an adjusted operating income of $35 million.
Intel agreed in 2015 to pay ~$17 billion for Altera, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-04-14/intel-intc-said-close-to-unveiling-deal-to-sell-altera-to-silver-lake?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">reported</a> Monday. In 2024, Intel shared plans to explore selling a stake in Altera.
Altera drew interest from firms, including&nbsp;Lattice Semiconductor Corp. However, the companies had valued Altera at $9 billion.
Intel stock plunged 46% in the last 12 months as it failed to tap the shift to artificial intelligence accelerators akin to the likes of&nbsp;Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).
Intel fired its chief&nbsp;Pat Gelsinger&nbsp;in 2024 after his turnaround plan to take on the likes of Taiwan Semiconductor failed to impress the board. Intel&#8217;s new CEO, Lip-Bu Tan,&nbsp;recently shared the chipmaker&#8217;s plans to spin off non-core assets and create new products to drive value.
Taiwan Semiconductor <a target="_blank" href="https://www.benzinga.com/25/04/44640394/tsmc-to-take-20-stake-in-joint-venture-with-intel-amid-us-chipmakers-struggles-with-188-billion-net-loss-in-2024-report" rel="noreferrer noopener">is reportedly set</a> to acquire a 20% stake in a new joint venture with&nbsp;Intel.
The deal&nbsp;coincided with pressure&nbsp;from the White House and the Commerce Department to resolve Intel&#8217;s ongoing manufacturing and customer service challenges. Intel has struggled to manufacture chips for external clients, which has led to delays and failed tests.
Trump&#8217;s <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44786708/why-are-semiconductor-stocks-trading-higher-on-monday" rel="noreferrer noopener">plans to offer</a> flexibility on tariff rates on imported semiconductors offered some respite to Intel stock on Monday.
Price Action: INTC stock is up 5.13% to $20.75 at the last check on Monday.
Read Next:
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<li><a href="https://www.benzinga.com/general/social-media/25/04/44747892/amazon-wayfair-pinterest-win-analyst-backing-due-to-tariff-pause-supply-chain-relief-discretionary-spend-recovery" target="_blank" rel="noreferrer noopener">Amazon, Wayfair, Pinterest Win Analyst Backing Due To Tariff Pause, Supply Chain Relief, Discretionary Spend Recovery</a></li>
</ul>
Image via Shutterstock

Intel To Offload 51% Of Altera Business To PE Firm Silver Lake

Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) surged over 3% early Monday after announcing a deal to sell 51% of its Altera business to Silver Lake. However, the charts indicate that the semiconductor giant&#8217;s stock remains stuck in a bearish rut.
<h2 class="wp-block-heading">A Billion-Dollar Breakup (Sort Of)</h2>
Intel's move to carve out its FPGA (field programmable gate array) arm, Altera, in an<a href="https://newsroom.intel.com/corporate/intel-partner-deal-news-april2025"> $8.75 billion valuation deal</a> is its latest play to shed weight, refocus on its core and please investors. Silver Lake will take majority control, while Intel retains 49%.
To sweeten the separation, Intel handed the CEO reins to Raghib Hussain, a seasoned Silicon Valley veteran fresh off the Marvell express. With Hussain at the helm and Silver Lake writing checks, Altera is ready to go full throttle into AI, edge computing and robotics.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44783083/intel-gave-up-on-bitcoin-mining-chip-business-nearly-2-years-ago-heres-how-its-stock-has-fared-compared-with-btc-since-then">Intel Gave Up On Bitcoin Mining Chip Business Nearly 2 Years Ago — Here&#8217;s How Its Stock Has Fared Compared With BTC Since Then</a>
<h2 class="wp-block-heading">Stock Pops, But Technicals Still Scream ‘Bearish'</h2>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0414"><img loading="lazy" decoding="async" width="628" height="487" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14095532/Screenshot-2025-04-14-at-7.25.20-PM.png" alt="" class="wp-image-870286" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14095532/Screenshot-2025-04-14-at-7.25.20-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14095532/Screenshot-2025-04-14-at-7.25.20-PM-300x233.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>
<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0414" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>
Investors cheered the deal, pushing shares up 3% by mid-morning. This sent Intel stock above the eight-day moving average of $20.19, signaling positive trading momentum driven by the news. However, the INTC stock still trades well below its 20, 50 and 200-day simple moving averages.
The MACD (moving average convergence/divergence) indicator, at negative 0.78, further suggests bearishness. The RSI (relative strength index), at 44.45, is in the neutral zone.
Even with buying pressure emerging, Intel's technical signals indicate negative momentum over the medium-to-long term horizon.
For now, the trend is firmly bearish, with the next narrative pivot likely coming in 10 days, when Intel&#8217;s first-quarter earnings hit.
<h2 class="wp-block-heading">Investor Brew: Bitter Or Just Bold?</h2>
Intel&#8217;s Altera deal meets strategic criteria, but for now, the market wants more than a flashy spin-off.
With earnings around the corner and the chart still under water, Intel has a shot to flip the narrative &#8211; if it can prove it's still got chips worth betting on.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44786708/why-are-semiconductor-stocks-trading-higher-on-monday">Why Are Semiconductor Stocks Trading Higher On Monday?</a></li>
</ul>
Photo: Shutterstock

Long Ideas

Technicals

Intel Offloads Half Of Altera, But INTC Stock Hasn't Turned Around From Bear Mode

Press Releases

MWC 2025: Intel Showcases Foundational Network Infrastructure with Xeon 6

China's AI Breakthrough Sends NVIDIA Reeling and Sparks National Security Fears

Intel Appoints Lip-Bu Tan as Chief Executive Officer

Volkswagen Group cooperates with Valeo and Mobileye to enhance driver assistance in future MQB vehicles

U.S. Infrastructure and Manufacturing Investments: Apple's $500 Billion Bet on Domestic Growth

Mobileye selects Valens Semiconductor's VA7000 MIPI A-PHY chipsets for automated and autonomous driving projects

Intel to Report First-Quarter 2025 Financial Results

Mobileye Announces Timing of its First Quarter 2025 Results

Intel Corporation Names UDT 2025 Partner of the Year for Education

Intel Announces Strategic Investment by Silver Lake in Altera

MBLY

Analog Devices

Astera Labs

Advanced Micro Devices, Inc. - Common Stock

Advanced Micro Devices

Arm Holdings plc - American Depositary Shares

ARM Holdings

ASE Technology Holding Co., Ltd. American Depositary Shares (each representing Two Common Shares)

ASE Technology Holding Co

Broadcom

Credo Technology Group Holding Ltd - Ordinary Shares

Credo Technology Group

First Solar

GLOBALFOUNDRIES

Lattice Semiconductor Corporation - Common Stock

Lattice Semiconductor

Microchip Technology Incorporated - Common Stock

Microchip Technology

Monolithic Power Systems, Inc. - Common Stock

Monolithic Power Systems

Marvell Tech

MACOM Technology Solutions Holdings, Inc. - Common Stock

MACOM Technology Solns

Micron Technology

NVIDIA

Universal Display Corporation - Common Stock

Universal Display

ON Semiconductor Corporation - Common Stock

ON Semiconductor

Qualcomm

Qorvo

STMicroelectronics

Skyworks Solutions

Taiwan Semiconductor Manufacturing Company Ltd.

Taiwan Semiconductor

Texas Instruments Incorporated - Common Stock

Texas Instruments

United Microelectronics Corporation (NEW) Common Stock

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