AI芯片股在英伟达和Marvell财报前普跌，属于板块风险偏好降温而非单一强基本面催化

Shares of chip and AI-related companies were largely in the red on Monday ahead of major tech earnings this week, with Nvidia (NVDA) set to report on Wednesday and Marvell Technology (MRVL) on Thursday. The day also saw several key pieces of news from Nvidia.
Wall Street’s major indexes were mixed. The tech-focused Nasdaq Composite (COMP:IND) fell nearly 0.59%, and the benchmark S&P 500 (SP500) dipped around 0.30%. However, the blue-chip Dow (DJI) climbed around 0.11%.
The Philadelphia Semiconductor Index (SOX) fell about 2.87%.
Memory and other chip stocks have seen volatility in the past few months. Shares have soared amid growing demand for chips due to AI infrastructure buildouts but have also shown sharp declines amid profit-taking, investors' high expectations, potential concerns over AI infrastructure financing, and returns on those investments. With earnings results of tech giants Nvidia and Marvell, investors will look for updates on demand for AI-related products and the outlook for technology spending.
"These could be a major test for the AI trade, particularly as investors question whether the pace of AI-related growth can justify increasingly expensive valuations and whether demand from major tech customers remains strong enough to support the current scale of infrastructure spending," said Trade Nation analyst David Morrison.
“Nvidia faces elevated expectations ahead of earnings, with the market pricing in strong growth and a high bar for outperformance,” said Michael Kramer, founder of Mott Capital Management. Year-to-date, Nvidia has risen about 12%.
Shares of AI chipmaker Nvidia fell about 2% on Monday. The Jensen Huang-led company is expected to put up another strong quarter, with supply as the only limitation, according to Wedbush. On Monday, Nvidia announced that SpaceXAI (SPCX) will deploy Vera CPUs to accelerate its next generation of agentic AI applications. Separately, Nvidia said that its Groq 3 LPX AI inference accelerator is now in full-scale production.
On Sunday, The Information reported that Nvidia (NVDA) is in talks to invest in Perplexity at a $30B valuation. Meanwhile, Bloomberg News reported that Nvidia's biggest customers have been notified that prices of servers containing its AI chips will go up more than 15% in many cases, including those with Vera Rubin and Grace Blackwell chips, amid soaring memory chip costs.
Meanwhile, Nvidia's rival Advanced Micro Devices (AMD) fell about 3%. Broadcom (AVGO) declined around 2%, Qualcomm (QCOM) dipped nearly 1%, and Cerebras (CBRS) fell about 5%.
American memory giant Micron — which competes with Samsung Electronics (SSNLF) and SK hynix (SKHY) (HXSCL) to provide HBM chips to Nvidia — fell about 6%. Seeking Alpha analyst Louis Gerard downgraded the stock to Hold. The analyst cites valuation concerns and intensifying competition, noting that recent earnings gains have been driven primarily by price increases rather than volume, raising concerns about earnings durability if pricing weakens.
Sandisk (SNDK) and Seagate Technology (STX) each tumbled about 7%, while Western Digital (WDC) and SK hynix's ADR (SKHY) each slumped nearly 5%.
Other AI and networking-related stocks were also in the red. Applied Optoelectronics (AAOI) slumped about 12%. On Friday, the company filed for a $600M equity distribution deal. Ciena (CIEN) and Coherent (COHR) each tumbled about 5%, Lumentum (LITE) fell nearly 4%, Corning (GLW) declined about 3%, while Cisco (CSCO) and Arista Networks (ANET) were also in the red.
Celestica (CLS) was largely flat but in the green after UBS upgraded the shares to Buy from Neutral and upped its price target to $430 from $410.
Shares of Marvell Technology (MRVL) fell about 4%, while Intel (INTC) declined about 3%. GF Securities (Hong Kong) highlighted its view on major application-specific integrated circuits, or ASICs, volume and progress, while noting that it continues to like Marvell Technology (MRVL), MediaTek (MTK), and Intel (INTC) for the positive/intact outlook. Meanwhile, Congresswoman Nancy Pelosi disclosed that she purchased positions in a pair of notable companies, Intel (INTC) and Bloom Energy.
Taiwan Semiconductor Manufacturing (TSM) and Lattice Semiconductor (LSCC) each declined nearly 3%, GlobalFoundries (GFS) fell about 4%, Arm (ARM) and Texas Instruments (TXN) each declined around 2%, and Analog Devices (ADI) dipped about 1%.
Chip equipment makers: Applied Materials (AMAT), KLA (KLAC), and Lam Research (LRCX) each declined about 2%, while ASML (ASML) dipped nearly 1% on Monday.