Chip stocks tumbled in Monday morning trading amid valuation concerns and fear that supply of memory chips was catching up with demand. Nvidia Corp. shares dropped 6%, while Advanced Micro Devices Inc. shares fell 7.5%. It was the first time since May that AMD traded below $10 a share. Intel Corp.’s stock dropped 0.4%, despite seeing a price target increase from analysts at Instinet, who cited the company’s “commitment to make shareholder return a more immediate priority” via expense reductions. The firm upped its target from $45 to $50 a share. The Philadelphia Semiconductor Index is down 2.8%, compared with a 0.7% gain for the S&P 500 Index .
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