Published in News
Greek debt woes shake up tech industry
AMD 20%, INTC 15%, Nvidia 29 percent down
EU's troubled southeastern member Greece is responsible for some major shake ups across the IT industry.
In the last few weeks the euro went down and as a result of weak EU buying power. Nasdaq and the whole IT market value went down accordingly.
It was quite bad as most of the IT companies lost at least 10 percent of their value and all major IT names we care about were hit bit the weak euro and German unilateral decision to ban the short term speculations.
For example AMD went down in value from $9.97 its peak value on April 26th and yesterday it closed at $8.22, or went nearly 20 percent down. Intel stock value went down from $23.82 on April 26th, a month ago, to current $20.7 last night. This is some 15 percent loss due to a bad, bad Europeans that played with their young common currency. (Don't blame all of us. sub.ed.)
The last of the holy chip trinity, Nvidia, went down from $16.13 to last night’s $12.75 over the same period. This is a 29 percent loss, so it's clear Nvidia didn't do well compared to AMD and Intel in this case.
As of last night, most of IT stocks are slowly recovering but Nasdaq itself is still heading down in value. We will keep our eyes on the situation as it stabilizes.