Semiconductors Outperform Nasdaq Weekly Decline Amid Amgen Setback
AMD and other chipmakers posted double-digit gains this week, offsetting broader market losses driven by a major clinical trial failure at Amgen and a cybersecurity incident at Thomson Reuters.
Semiconductor equities dominated the Nasdaq Composite's weekly performance, with Advanced Micro Devices leading the index's gainers. AMD shares rose 13.15% for the holiday-shortened week, outperforming the broader tech sector which declined 0.65% overall. This divergence was driven by strong demand signals in the hardware space, contrasting with specific fundamental negatives hitting other major constituents.
According to reporting from GN stocks/nasdaq, the rally in chipmakers was broad-based. Marvell Technology followed AMD with a 13.06% increase, while Intel gained 12.29%. Teradyne and Lumentum Holdings also posted significant weekly gains of 12.15% and 9.40%, respectively. These moves suggest that investor sentiment remained focused on the semiconductor supply chain despite mixed results elsewhere in the Nasdaq.
Amgen Shares Drop on Trial Failure
Amgen was the week's top decliner, shedding 15.03% of its value. The decline followed news that Novartis announced a late-stage trial setback for a heart disease therapy it is developing in partnership with Ionis Pharmaceuticals. As Amgen is a key partner in this therapeutic area, the negative clinical data directly impacted investor confidence in the company's near-term pipeline expectations, resulting in the steepest drop among major Nasdaq constituents.
Thomson Reuters Hit by Cyber Incident
Thomson Reuters experienced a 12.89% weekly decline after disclosing a cybersecurity incident involving its C-Track court management platform. The breach introduced operational and reputational risk for the data provider, leading to a sell-off in its shares. This drop placed the company second among the Nasdaq's worst performers for the week, highlighting how security vulnerabilities can rapidly erode equity value in the tech sector.
Broad Tech Sector Declines Persist
Beyond the specific hits to Amgen and Thomson Reuters, other major technology firms also struggled. Adobe and Shopify both fell approximately 11.7%, while Axon Enterprise dropped 10.93%. These declines contributed to the Nasdaq Composite's net weekly loss of 0.65%, despite the index closing higher on Friday. The divergence between the semiconductor rally and the broader tech weakness indicates that market gains are currently concentrated in specific hardware and infrastructure plays rather than across the entire technology index.
