European Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report suppliers were hard hit on Tuesday, April 3, after a report on Monday that the technology giant would be abandoning Intel Corp. (INTC) - Get Intel Corporation (INTC) Report chips.
According to a Bloomberg report, Action Alerts Plus holding Apple would begin the switch as soon as 2020 and make the transition in phases. Apple has increasingly been relying on its own chips as it seeks to optimize the performance of its own devices and reduce costs.
Intel shares plummeted more than 6% on the report and has sent ripples through European suppliers Tuesday as markets opened after a four-day holiday weekend.
Chipmaker STMicroelectronics NV (STM) - Get STMicroelectronics NV ADR RegS Report , which provides the phone's accelerometers, gyroscopes and motion sensors, fell 3% in Paris, changing hands at €17.46.
The Stoxx Europe 600 Technology Index was marked 0.90% lower, as the tech selloff continues in Europe, extending its year-to-date fall of 3.14%.
Germany-based software company SAP SE (SAP) - Get SAP SE Sponsored ADR Report were down 0.87% to €84.23. Telecoms company Ericsson (ERIC) - Get Telefonaktiebolaget LM Ericsson Sponsored ADR Class B Report was marked 2.42% lower in Stockholm to Skr51.64.