US tech stocks slipped on Friday as weak earnings at a large chip designer fed investors’ concerns about slowing growth across the artificial intelligence sector.
The tech-heavy Nasdaq Composite finished the day down 1.2 per cent, with semiconductor group Marvell Technology falling 18.9 per cent after its data centre revenue missed analysts’ forecasts. Bank of America on Friday downgraded the stock to “neutral” from “buy”.
Nvidia, the $4tn semiconductor giant which this week signalled uncertainty around its sales in China, fell 3.4 per cent. The stock ended the five trading days down 2.1 per cent, its biggest weekly fall since May.
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