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Chip stocks log first losing quarter in nearly three years, AMD bucks trend

AMD soars nearly 50% for best quarter in 18 months

Chip maker and related company stocks logged their worst quarter in nearly three years as trade war fears resonate through the industry, but to be fair, the industry has been on a fairly strong tear in the meantime.

The PHLX Semiconductor Index SOX+1.14% fell 1.1% for the second quarter, while gaining 0.2% to close at 1,313.70 gain on Friday, for its first declining quarter since Sept. 30, 2015, when the index sank 11.4% over the quarter, according to FactSet data. For the month, the SOX index fell 4.7%.

Notably bucking that quarterly decline were shares of Advanced Micro Devices Inc. AMD+1.74% which ranked as the SOX index’s best performer for the quarter with a 49% gain, the company’s strongest since its December-ended quarter in 2016. In comparison, shares of rival Nvidia Corp. NVDA+2.66% rose 2.3% over the quarter, while the S&P 500 index SPX+0.37% advanced 2.9% and the Nasdaq Composite Index COMP+0.52% rose 6.3%.

Those stocks dragging the most on the SOX index over the quarter, with double-digit percentage losses, were MKS Instruments Inc. MKSI+0.6% down 17.3%, Applied Materials Inc. AMAT+1.12% down 16.9%, Taiwan Semiconductor Manufacturing Co. TSM+0.73% down 16.5%, Teradyne Inc. TER+1.7% down 16.7%, and Lam Research Corp. LRCX+3.48% down 14.9%.

The dip in the SOX index follows a relatively strong earnings season for the sector with notable reports from Micron Technology Inc. MU-0.36% Broadcom Inc. AVGO+0.42% Nvidia, AMD, Intel Corp. INTC+0.49% and Qualcomm Inc. QCOM+1.19%

While some of the recent pullback has been attributed to fear that a prolonged trade war with China will be a big negative for chip makers, the industry has also faced questions about how long the unprecedented chip cycle driven by data centers and internet-of-things devices can last and how long memory chip prices can stay at such elevated levels.

The chip sector has certainly been on a tear since its last declining quarter. Since the end of the September quarter, the SOX index has grown 118%, with notable names listed below:

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