Chip stocks are having their worst day of the year

The PHLX Semiconductor Index
SOX,
-4.13%
is down 4% Wednesday, and is on pace for its worst one-day performance of the year, and its largest daily percentage loss since Dec. 22, 2022, when it fell 4.2%, Dow Jones market data show. Semiconductor stocks are feeling the impact of Texas Instruments Inc.’s
TXN,
-3.49%
third-quarter results. The chip maker, which is viewed as an industry bellwether, cited weakening industrial demand Tuesday afternoon as it underwhelmed with its forecast. Texas Instruments shares are down 3.4% Wednesday, outpacing the S&P 500 index’s
SPX,
-1.43%
decline of 1.3%. Other chip giants are also seeing declines greater than the index. Shares of Advanced Micro Devices Inc.
AMD,
-5.52%
shares are down 5.5%, Nvidia Corp.’s
NVDA,
-4.31%
stock is down 4.3% and Intel Corp.
INTC,
-5.09%
is down 4.9%.