Chip sector lower after ON Semi downgrade, concern over Apple business

|By:, SA News Editor

A fancy valuation combined with industry growth set to peak in June was enough for Credit Suisse's John Pitzer to downgrade ON Semi, which was down as much as 7%, but has rebounded to a 4% loss.

Then here's Dialog Semiconductor which crumbled in German trade on worry it might lose a crucial supplier deal with Apple. That's leaking over into Cirrus Logic (CRUS -3.8%), where Apple accounted for about 85% of company revenue in a recent quarter.

Other sizable Apple vendors include Micron (MU -2.7%), Qualcomm (QCOM -2.2%), and Analog Devices (ADI -2.1%).

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