Semtech (SMTC) shares fell on Friday after a U.S.-China summit concluded without breakthroughs on semiconductor sales. The lack of a trade deal disappointed investors and triggered a broader selloff across the semiconductor sector.
Selling pressure intensified following a Q1 13F filing from Whale Rock Capital Management. The firm liquidated its entire stake in Semtech, selling over 3.9 million shares during the first quarter. Geopolitical tensions and the loss of major institutional backing drove the stock lower throughout the session.