Semiconductor Stocks Slide Ahead of NVIDIA Earnings: Intel Falls 5%, AMD Slides 4%, Taiwan Semiconductor Slips 3%

Intel leads chip stocks lower, tumbling 5% while AMD drops 4% as traders trim exposure two sessions before Nvidia reports earnings Wednesday.

Nvidia has beaten EPS estimates four straight quarters yet averages a negative 2% day-of move, leaving SOXX vulnerable regardless of Wednesday's headline result.

Druckenmiller's Duquesne exited Intel, Micron, and Broadcom by June 30 while opening a new AMD position representing 0.8% of reported assets.

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Chip stocks are leading a narrow de-risking Monday morning, with the iShares Semiconductor ETF ( NASDAQ:SOXX ) down 4% to $501.17 while the iShares U.S. Technology ETF ( NYSEARCA:IYW ) is down 2% to $243.24. Semis are selling roughly twice as hard as broad technology, and that gap marks the session as sector-specific rather than a general tech pullback.

Intel ( NASDAQ:INTC ) stock is down 5% to $85.98 and leads the group lower. Meanwhile, AMD ( NASDAQ:AMD ) stock is down 4% to $454.36, while Taiwan Semiconductor ( NYSE:TSM ) stock is down 3% to $406.40. No company-specific headline is driving Intel today, and positioning is being trimmed across the group two sessions before NVIDIA ( NASDAQ:NVDA ) reports its most consequential quarter of the year.

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NVIDIA reports its second-quarter fiscal 2027 results on August 26 after the close, a company-confirmed date. Given NVIDIA's dominant weight in semiconductor benchmarks, the company's guidance sets the tone for the entire complex, and traders are trimming exposure ahead of the release. Options flow points the same way: NVIDIA's full-chain put-call ratio sits at 0.61, with the earnings-week expiration running a heavier 0.82. Intel stock is the most extended large-cap name in the group after an enormous year, and traders holding large gains often trim aggressively into high-variance catalysts. Intel stock was up 144% year to date through Friday's close, which makes it the natural source of funds when investors reduce chip exposure.