Intel and AMD extend losses as chip selloff deepens

Intel and AMD shares fell further on Thursday, extending losses as the semiconductor sector selloff continued, with Intel down 3.84% and AMD down about 3.77%. The declines persist despite Taiwan Semiconductor Manufacturing Co. reporting record quarterly results. Investors are reassessing the artificial intelligence industry's outlook, citing rising financing costs, concerns about returns on AI investments, and new competition questions. The Philadelphia Semiconductor Index fell for a seventh straight day, while Intel has dropped nearly 20% in October. TSMC's CEO said its Terafab discussions with Elon Musk remain ongoing, noting the factory "must be operated by TSMC," raising questions about Intel's potential role. US producer inflation in September reached levels not seen since 2022, adding pressure on chip stocks.