Tech Giants Plunge in 2022

According to QUICK FactSet statistics, the combined market capitalization of 40 major global semiconductor-related companies stood at $3 trillion as of July 1, down nearly $1.8 trillion—or approximately 40%—from year-end 2021. Companies with the steepest declines include MediaTek (Taiwan), NVIDIA (U.S.), Infineon Technologies (Germany, a power semiconductor manufacturer), Applied Materials (U.S., a semiconductor equipment maker), and Tokyo Electron (Japan). From September 21 to September 27, AMD fell 12.83%. On September 26, AMD closed at $66.50—the lowest closing price since July 28, 2020. AMD’s current share price is less than half its 52-week high ($164.46). Among the 30 constituents of the Philadelphia Semiconductor Index, AMD ranked second only to Wolfspeed—the leading silicon carbide materials company—in terms of weekly decline. On an annual basis, the declines across semiconductor firms are even more staggering. As shown in the chart above, Intel’s stock dropped 50.2% over the past year—hitting its lowest level since September 1, 2015. GPU giant NVIDIA fell 40.03%. Among the three major processor companies, AMD performed relatively best—but still plunged 33.84%. And the slump isn’t limited to chip designers: even TSMC—the most sought-after foundry in recent years—saw its share price fall 25%. From a macro perspective, the chip industry is highly cyclical and closely tied to the broader economy. As the global economy enters a difficult phase, investor optimism toward the semiconductor sector has waned. Data from the World Semiconductor Trade Statistics (WSTS) show that global semiconductor sales in July 2022 fell year-on-year for the first time in 32 months. Revenue for the top 15 global semiconductor suppliers declined 1% quarter-on-quarter in Q2 2022—mirroring the overall market trend. Why Are Even the Giants Falling? Every company faces its own unique challenges. Looking closer, different semiconductor firms confront distinct problems. Some grapple with soaring costs. In Q2 2022, NVIDIA reported revenue of $6.704 billion—up 3% year-on-year but down 19% sequentially; net income totaled $656 million—down 72% year-on-year and 59% sequentially. NVIDIA’s gross margin plummeted from roughly 65% in recent quarters to just 43.5%. Its challenge has shifted from supply shortages to rapidly ballooning unsold inventory. Beyond material and prepayment costs for manufacturing, weakening demand has caused NVIDIA’s chip inventories to keep climbing: inventory reached $3.89 billion in Q2 2022—nearly double the $2.11 billion recorded a year earlier. Total inventory purchases and long-term supply obligations amounted to $9.22 billion—also nearly double the figure from one year prior. Recently, NVIDIA CEO Jensen Huang stated that opportunities to continue advancing along Moore’s Law’s cost-performance curve have ended—and reiterated that cost pressures have become NVIDIA’s primary challenge.

U.S. Stocks Hit 52-Week Lows

U.S. equities are exhibiting a rare 'bipolar market': while AI-related stocks hit new highs, another group of large-cap companies has plunged to or near their 52-week lows. Today’s most notable development goes beyond AI and semiconductor stocks’ continued rally—it’s the pronounced divergence in capital flows across U.S. equities. On one side, AI-linked names—including $AMD, $META, and $INTC—remain exceptionally strong. On the other, numerous consumer discretionary, real estate, telecom, utilities, financial, and travel-related stocks have already fallen to—or are approaching—their 52-week lows. The broad indices may look robust, but not all stocks are participating in this bull market. Capital is becoming intensely concentrated in just a few high-performing sectors. Today’s noteworthy stocks trading at or near their 52-week lows include: Consumer / Brands NKE, MCD, PEP, BROS, DKS, STZ, CLX Housing / Real Estate LOW, RKT, WY, FERG, ADC, SUI, PNR Financials / Telecom TMUS, TU, FIS, AON Utilities / Energy EXC, NRG, PPL, CMS, DTE Travel / Gaming LVS, WYNN, RRR, FLUT, BYD, WH Healthcare / Biotech ZTS, IONS China-Related

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Olin Corp. stock hit a 52-week low of $16.35 after Q2 2026 earnings missed expectations due to volatile chemical markets, though it retains a 4.77% dividend yield.

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