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Synopsys Shares Plunge 35% on China Woes, Erasing 2025 Gains

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Synopsys shares tumbled nearly 35% on Wednesday, putting the chip design software giant on track for its worst single-day drop on record and wiping out gains accumulated in 2025. The decline followed disappointing earnings and fresh concerns about its business in China, a key semiconductor market under tightening U.S. export restrictions.

The company reported Q3 revenue of $1.74 billion, missing analyst estimates, with weakness in its IP segment. CEO Sassine Ghazi blamed U.S. export curbs — which blocked sales of chip design software to China for more than a month — and setbacks at a “major foundry customer.” Although restrictions were lifted in July, analysts said Chinese customer confidence has eroded, leaving demand subdued.

Synopsys generates more than 10% of industry revenue from China, but geopolitical tensions have made that stream increasingly fragile. Shares of rival Cadence Design Systems also dropped nearly 7% in sympathy.

While Ghazi did not identify the foundry customer, analysts pointed to Intel, which has dramatically scaled back its 18A chip manufacturing technology and broader foundry ambitions. J.P. Morgan suggested Synopsys had dedicated significant IP resources to Intel’s program, only to see its potential curtailed.

The downturn comes as Synopsys completes its $35 billion acquisition of Ansys, a move aimed at diversifying its engineering software portfolio. However, the company also announced it will cut 10% of its workforce by 2026 as part of a strategic review.

With trade restrictions clouding its China outlook and reliance on slowing customers like Intel, Synopsys faces mounting pressure to stabilize its core business even as it integrates Ansys.

Intel Reshuffles Top Leadership as Products Chief Holthaus Departs

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Intel (INTC.O) announced a major executive shake-up on Monday, including the departure of Michelle Johnston Holthaus, the company’s products chief, as CEO Lip-Bu Tan moves to streamline operations and push a turnaround strategy.

Holthaus, a 30-year Intel veteran, previously held several senior leadership positions, including serving as interim co-CEO following the ouster of Pat Gelsinger in 2024. She will step down but remain as a strategic adviser in the coming months.

The restructuring includes:

  • Kevork Kechichian joining as EVP and head of the Data Center Group. Kechichian is a seasoned industry leader who previously held senior roles at Arm, NXP Semiconductors, and Qualcomm.

  • A new Central Engineering Group, to be led by Srinivasan Iyengar, tasked with building a custom silicon business for external clients.

  • Naga Chandrasekaran, Intel EVP and CTO, expanding his remit to oversee Foundry Services.

  • Jim Johnson appointed as GM of Intel’s Client Computing Group.

The leadership reshuffle comes as Intel grapples with a difficult business environment and political pressure. U.S. President Donald Trump recently announced plans for the government to take a 10% stake in Intel, while also calling for CEO Tan’s resignation over alleged conflicts of interest.

Tan’s strategy aims to flatten Intel’s leadership structure, cut jobs, and restore competitiveness as the company struggles to keep pace with rivals in advanced chipmaking.

Broadcom Soars on $10B AI Chip Deal, Likely With OpenAI

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Broadcom shares surged 15% Friday after unveiling a $10 billion AI chip order from a new, unnamed customer—an announcement that cements its role as a key custom chip supplier in the race to expand generative AI infrastructure. The blockbuster order immediately sparked speculation that the buyer is OpenAI, with analysts at J.P. Morgan, Bernstein, and Morgan Stanley pointing to the timing and scale of the deal.

If confirmed, the partnership would mark OpenAI’s biggest move yet toward developing its own in-house processors, reducing reliance on Nvidia and AMD, whose stock prices dipped 2% and 5% respectively after Broadcom’s news. Reuters previously reported that OpenAI had been working with Broadcom on a custom chip project.

The deal highlights Big Tech’s broader trend of diversifying away from Nvidia’s costly, supply-constrained GPUs. Microsoft, Amazon, Google, and Meta are already designing their own silicon. Broadcom, which already supplies custom AI chips to Google and Meta, now appears positioned to capture even more of the rapidly expanding market.

The rally added more than $200 billion to Broadcom’s valuation, boosting its market cap above $1.44 trillion. Analysts now forecast Broadcom’s AI revenue could surpass $40 billion in fiscal 2026, far above last quarter’s $30 billion projection.

Adding to investor optimism, longtime CEO Hock Tan confirmed he would remain in charge for at least another five years. Under his leadership, Broadcom has transformed into a central player in the global AI supply chain.