If you’ve ever had to deal with an overheating processor, you know what a problem that can be. Now, it seems like the entire chips stock sector has overheated, as several major names are down in Wednesday afternoon’s trading. Even Nvidia (NASDAQ:NVDA) is down—though just a small 0.12%—and that’s saying something in and of itself.
Nvidia is down in Wednesday afternoon’s trading, but who else is? AMD (NASDAQ:AMD) is down a hefty 3.26% at the time of writing, and Intel (NASDAQ:INTC) is down around 2.7%. Wolfspeed (NYSE:WOLF) is short 1.47%, while three others—Synopsis (NASDAQ:SNPS), Texas Instruments (NASDAQ:TXN), and Qualcomm (NASDAQ:QCOM)—are all down fractionally in Tuesday afternoon’s trading.
Nvidia received some analyst love, with Raymond James’ Srini Pajjuri not only maintaining a Strong Buy rating on Nvidia but also upping estimates. However, that wasn’t enough to keep Nvidia out of negative territory like everyone else, a negative halo effect of sorts in play. Meanwhile, Intel cut its own throat by ending a merger with Tower Semiconductor (NASDAQ:TSEM), a chip foundry out of Israel. Intel was instead focused on its own foundry efforts. That’s a noble move, but it puts the cart before the horse by not having a reliable foundry working while it builds its own. And with Wolfspeed and Synopsis, both still awaiting second-quarter results, that left investors on edge.
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Nvidia has been the chip sector’s darling for months now, but it’s not the best or worst deal in this run. Best goes to AMD, a Strong Buy with 31.73% upside potential thanks to its average price target of $141.90. Worst, meanwhile, goes to Intel; Intel currently carries an analyst consensus rating of Hold, and its average price target of $36.07 means it offers a 6.62% upside potential.