Wrapping up Q2 earnings, we look at the numbers and key takeaways for the processors and graphics chips stocks, including Intel (NASDAQ:INTC) and its peers.

The biggest demand drivers for processors (CPUs) and graphics chips at the moment are secular trends related to 5G and Internet of Things, autonomous driving, and high performance computing in the data center space, specifically around AI and machine learning. Like all semiconductor companies, digital chip makers exhibit a degree of cyclicality, driven by supply and demand imbalances and exposure to PC and Smartphone product cycles.

The 9 processors and graphics chips stocks we track reported a mixed Q2; on average, revenues beat analyst consensus estimates by 4%, while on average next quarter revenue guidance was 3.35% above consensus. Increasing interest rates hurt growth companies as investors search for near-term cash flows and processors and graphics chips stocks have not been spared, with share prices down 11.5% since the previous earnings results, on average.

Intel (NASDAQ:INTC)

Inventor of the x86 processor that powered decades of technological innovation in PCs, data centers, and numerous other markets, Intel (NASDAQ: INTC) is the leading manufacturer of computer processors and graphics chips.

Intel reported revenues of $12.9 billion, down 15.5% year on year, beating analyst expectations by 6.69%. It was a solid quarter for the company, with a significant improvement in its inventory levels. In addition, next quarter's revenue and EPS guidance both slightly exceeded consensus expectations.

The stock is up 5.18% since the results and currently trades at $36.36.

Is now the time to buy Intel? Access our full analysis of the earnings results here, it's free.

Best Q2: Nvidia (NASDAQ:NVDA)

Founded in 1993 by Jensen Huang and two former Sun Microsystems engineers, Nvidia (NASDAQ:NVDA) is a leading fabless designer of chips used in gaming, PCs, data centers, automotive, and a variety of end markets.

Nvidia reported revenues of $13.5 billion, up 101% year on year, beating analyst expectations by 21.9%. It was an incredible quarter for the company, with beats across nearly every key metric. Nvidia's revenue guidance for the next quarter also blew past analysts' expectations.

Nvidia scored the strongest analyst estimates beat and fastest revenue growth among its peers. The stock is down 6.67% since the results and currently trades at $439.8.

Is now the time to buy Nvidia? Access our full analysis of the earnings results here, it's free.

Weakest Q2: AMD (NASDAQ:AMD)

Founded in 1969 by a group of former Fairchild semiconductor executives led by Jerry Sanders, Advanced Micro Devices or AMD (NASDAQ:AMD) is one of the leading designers of computer processors and graphics chips used in PCs and data centers.

AMD reported revenues of $5.36 billion, down 18.2% year on year, in line with analyst expectations. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and a decline in its operating margin.

The stock is down 13% since the results and currently trades at $102.34.

Read our full analysis of AMD's results here.

SMART (NASDAQ:SGH)

Based in the US, SMART Global Holdings (NASDAQ:SGH) is a diversified semiconductor company offering memory, digital, and LED products.

SMART reported revenues of $383.3 million, down 17.1% year on year, beating analyst expectations by 2.2%. It was a mixed quarter for the company, with a significant improvement in its inventory levels but a decline in its operating margin. Additionally, on the negative front, revenue guidance for the next quarter missed analysts' expectations. However, EPS guidance beat.

The stock is down 12.6% since the results and currently trades at $23.26.

Read our full, actionable report on SMART here, it's free.

Qorvo (NASDAQ:QRVO)

Formed by the merger of TriQuint and RF Micro Devices, Qorvo (NASDAQ: QRVO) is a designer and manufacturer of RF chips used in almost all smartphones globally, along with a variety of chips used in networking equipment and infrastructure.

Qorvo reported revenues of $651.2 million, down 37.1% year on year, beating analyst expectations by 1.79%. It was a mixed quarter for the company, with an impressive beat of analysts' EPS estimates but a decline in its operating margin.

Qorvo had the slowest revenue growth among the peers. The stock is down 8.03% since the results and currently trades at $97.51.

Read our full, actionable report on Qorvo here, it's free.

The author has no position in any of the stocks mentioned