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Chip stocks are tanking after ‘depressing’ Broadcom earnings

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Broadcom led a plunge in chip stocks Friday after the chipmaker missed revenue expectations and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei.

Broadcom shares lost more than 6%. Skyworks, Xilinx, Micron, Advanced Micro Devices, Nvidia and Qualcomm all followed suit with losses greater than 1.5%. Intel was down 1.4%. The VanEck Vectors Semiconductor ETF (SMH) dropped 2.7%.

“Growing headwinds across Broadcom’s key…



Source cnbc.com

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