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Chip Stocks Under Pressure Midday in Overall Selloff

Investing.com - Technology stocks were among the worst performers midday as selling accelerated following the previous session’s historic rally.

Tech enjoyed the most gains yesterday and now faces the most profit-taking, with the Nasdaq Composite off about 2%.

The S&P 500 Information Technology index was down 2.15%, the worst performing of the major sectors.

Adding to the pressure was negative research comments on video card makers, specifically Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD).

RBC said video card prices in the secondary market are declining, indicating lower demand, Briefing.com reported.

RBC also took its price target on Nvidia down to $200 from $230.

Nvidia fell 4.2%, while AMD lost 4.8%.

Also in the sector, Dow component Intel (NASDAQ:INTC) fell 2.3%, but Micron (NASDAQ:MU) edged up 0.3%.

The Philadelphia Semiconductor Index lost 1.6%.

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