Microchip Tech (MCHP) Sheds 6.7% as Chip Giant Signals Soft Outlook

We recently published Wall Street’s 10 Worst Performing Stocks. Microchip Technology Incorporated (NASDAQ:MCHP) is one of the worst performers on Wednesday.

Microchip Technology declined by 6.66 percent on Wednesday to close at $70.25 apiece after a semiconductor giant signaled weaker demand and a cautious outlook for the industry.

Microchip Technology Incorporated (NASDAQ:MCHP) dropped alongside its semiconductor peers, including STMicroelectronics N.V. (NYSE:STM), and NXP Semiconductors N.V. (NASDAQ:NXPI), among others, following giant player Texas Instruments’ weaker-than-expected outlook for the remainder of the year.

Analysts noted a tone shift from Texas Instruments’ executives in relation to the recovery of the semiconductor industry, compared with previous quarters.

Despite being a US-based company, Microchip Technology Incorporated (NASDAQ:MCHP) stands to bear the indirect impact of President Donald Trump’s imposition of tariffs on various global industries, which it supplies.

Microchip Technology Incorporated’s (NASDAQ:MCHP) solutions serve more than 123,000 customers across industrial, automotive, consumer, aerospace, defense, communications, and computing markets.

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