Semiconductor stocks were firmly in the red on Tuesday, led by declines in Nvidia (NASDAQ:NVDA), Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD), as the sector awaits quarterly results from industry stalwart Broadcom (NASDAQ:AVGO) later in the week.

Nvidia fell 7.8% in early trading, while AMD dropped 5%. Nvidia has jumped more than 120% in 2024, while AMD has been roughly flat year-to-date, despite both benefiting from increased demand for artificial intelligence accelerators.

September, however, has not been kind to equity markets, as it is one of the worst performing months for equities, according to Seeking Alpha Investing Group Leader Brett Jensen.

Intel shares also fell more than 7% on Tuesday, giving up Friday’s gains that were attributed to reports that the company could sell assets and curb expansion plans in an effort to boost its balance sheet.

Separately on Tuesday, Raymond James suggested that Marvell Technology (MRVL) could be a buyer of Intel’s field programmable gate array unit, formerly known as Altera. Marvell shares shed 6.8% of their value.

Some have also speculated that the Santa Clara, Calif.-based chipmaker could lose its vaunted spot in the Dow Jones Industrial Average amid the continued decline in its share price.

Broadcom tumbled more than 5% as investors await its quarterly results, slated to be released after the close of trading on Wednesday.

A consensus of analysts expect Broadcom to report adjusted earnings per share of $1.20 on revenue of $12.96B.

A number of other chip stocks were solidly lower to start the holiday shortened week, including Qualcomm (QCOM), Texas Instruments (TXN), Micron Technology (MU), Analog Devices (ADI) and NXP Semiconductors (NXPI), all of which dropped 3% or more.