Semiconductors resume their decline as Nvidia unveils several new GPUs

Sep. 20, 2022 2:50 PM ETNVIDIA Corporation (NVDA), QCOM, AMD, INTCTXN, ADI, MU, ON, AVGOBy: Chris Ciaccia, SA News Editor62 Comments

Main microchip on the motherboard

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Semiconductor stocks resumed their march downwards on Tuesday even as chip giant Nvidia (NASDAQ:NVDA) unveiled several new products and GPUs and its first software-as-a-service offering.

At its annual GTC conference, Nvidia (NVDA) showed off its new RTX 4090 GPU, which is slated to be priced at $1,599. It will be available on October 12. The company also took the wraps off its new GeForce GPUs, which will retail for $899 and $1,199, respectively, and will be available in November.

Additionally, Nvidia (NVDA) said that its new RTX 6000 workstation GPU would be available in December.

In addition, Nvidia (NVDA) said its new omniverse cloud offering would have a comprehensive service offering list for different creators, including artists, developers, and enterprise teams to create and operate their own metaverse applications anywhere.

Nvidia (NVDA) shares fell nearly 2% at mid-day, reversing earlier gains. Competitors Advanced Micro Devices (NASDAQ:AMD) and Intel (NASDAQ:INTC) also fell roughly 2% on Tuesday.

Qualcomm (NASDAQ:QCOM) shares fell slightly more than 1.5% as the company gets set to unveil its automotive investor day later this week.

At the event, Qualcomm (QCOM) executives to discuss its role in the automotive space, led in part by by its Snapdragon Digital Chassis.

The company will hold a livestream on September 22 at 3 p.m. EST to discuss news, as well as the latest partnerships, design wins and more.

Seeking Alpha will be interviewing Qualcomm (QCOM) CFO Akash Palkhiwala on Friday to discuss the news.

Several other chip companies were also in the red on Tuesday, including Texas Instruments (TXN), Analog Devices (ADI), Micron Technology (MU), Broadcom (AVGO) and ON Semiconductor (ON), all of which declined approximately 2% as well.

Earlier this week, investment firm Citi listed Nvidia (NVDA) as a sell among its top buy and sell calls in all sectors, including information technology.

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