Four of the top 14 semiconductor companies (Intel, Qualcomm, Nvidia and Texas Instruments) are expecting lower revenues in 2Q 2022 versus 1Q 2022. All four cited COVID-19 related lockdowns in China as a factor.
China locked down several major cities including Shanghai and Beijing in April in May due to rising COVID cases. The shutdowns were lifted on June 1, but since then temporary shutdowns were reimposed to fight emerging cases. The shutdowns significantly impacted manufacturing in China.
