Nvidia (NASDAQ:NVDA) shares plunged on Friday, leading semiconductor stocks lower as the broader market selloff worsened.
Shortly after 1 pm EST, the Jensen Huang-led Nvidia (NVDA) fell more than 7% to $158.41nearing a six-month low. Year-to-date, Nvidia (NVDA) specific declined nearly 48%.
Other semiconductor stocks also fell sharply, including Advanced Micro Devices (AMD), Intel (INTC), Broadcom (AVGO) and Micron (MU), all of which saw declines of at least 3%.
Semiconductor equipment company Applied Materials (AMAT) also fell sharply on Friday after it second-quarter results that missed estimates and issued weak guidance, leading some Wall Street analysts to cut their price targets.
Applied Materials (AMAT) fell more than 7% to $102.24, hitting a 52-week low earlier in the session following the results. Weakness in Applied Materials (AMAT) hit other chip equipment makers, including Lam Research (LRCX), KLA Corp. (KLAC) and ASML (ASML), each of which declined 1.5% or more.
On Tuesday, Seeking Alpha noted that Nvidia (NVDA) had lost more than half of its value from its all-time high, but noted the company is still in a prime position to take advantage of the growing demand for semiconductors.