Intel and AMD Extend Losses as Semiconductor Selloff Persists

Intel and AMD shares extended losses on Thursday as the semiconductor selloff continued, with record quarterly results from Taiwan Semiconductor Manufacturing Co. failing to improve investor sentiment. Intel fell 3.84% and AMD dropped 3.77%, extending a difficult period for both chipmakers. The Philadelphia Semiconductor Index declined for a seventh consecutive session, with other major chipmakers like Nvidia also lower. Investors are reassessing the AI sector outlook amid rising financing costs, concerns about returns on AI investments, and new competitive questions. TSMC's strong results did little to ease broader industry worries. Intel faces additional uncertainty around Elon Musk's Terafab project, as TSMC CEO CC Wei said the facility "must be managed by TSMC," contradicting Musk's earlier comments. Intel has lost nearly 20% in October, with higher interest rates and inflation concerns adding pressure on chip valuations.