Semiconductor Sector Experiences Widespread Declines After Stellar 2023 Performance

The semiconductor sector saw widespread declines on January 2nd, with the VanEck Semiconductor ETF falling 3.4% after the ETF had its best yearly gain in 20 years in 2023. Nvidia was the top performer in the chip ETF as well as the S&P 500 for 2023, with shares rocketing 238.9% for the best annual gain since 2001. Nvidia shares fell 2.8%. AMD shares led the decline, dropping around 6%. Intel stock also slid significantly, falling 4.9%. Both stocks had seen huge gains in 2023.