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Broadcom's warning slams chip stocks

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Broadcom's warning slams chip stocks

Broadcom's warning slams chip stocks

Broadcom sent a shockwave to global chip stocks Friday after warning the U.S.-China trade war and ban on doing business with Huawei would rob it of $2 billion in sales this year.

Fred Katayama reports.

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Broadcom's warning slams chip stocks

The trade war is taking its toll on Broadcom, and that sent fellow chip stocks reeling worldwide Friday.

Sizzling investors' circuits: Broadcom forecast that U.S.-China trade tensions and the U.S. ban on doing business with Huawei Technologies would rob it of $2 billion in sales this year.

The industry has already been struggling with weak demand stemming from slowing growth in mobile phone sales.

The latest geopolitical risks from the trade conflict and the Huawei ban serve as additional shocks.

Broadcom dropped nearly 9% at the market open Friday, dragging down peers like Intel, Applied Materials and Xilinx between 2.5% and 4%.

Apple, which buys communications chips from Broadcom, lost ground.

European chipmakers also fell including ASML and Infineon.

The chip sector is widely watched as an indicator of economic health because those slivers of silicon are used in everything from medical equipment to missiles.




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