AMD, Marvell, Intel Fall as AI Chip Trade Narrows to NVIDIA
On July 28, 2026, shares of AMD, Marvell, Intel, and Arm fell sharply (8%, 7%, 6%, and 7% respectively) while NVIDIA rose 0.5% and Broadcom fell only 0.5%. The article attributes this to a rotation trade where investors are consolidating into AI chip leaders (NVIDIA, Broadcom) and cutting back on higher-beta, richly valued second-tier names ahead of Big Tech earnings. Despite the sell-off, AMD, Marvell, Intel, and Arm are still up over 100% year-to-date. The valuation gap is highlighted: NVIDIA trades at 30x trailing earnings, while Arm trades at 289x and AMD at 150x. Intel's sell-off occurs despite strong Q2 2026 earnings with 25.4% revenue growth and 59% Data Center and AI revenue growth. The upcoming Microsoft and Meta earnings on July 29 are seen as a key catalyst that could validate or accelerate the rotation.
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