London’s technology shares were clobbered for a second day, as nervousness grew about demand for personal computers and smartphones.
Microchip companies bore the brunt of it. ARM Holdings, the Cambridge-based designer of microchips found in 99 per cent of the world’s mobile phones, fell a further 47p to £10.80. Imagination Technologies, a specialist in graphics chips, was down 3½p more at 215p.
Confidence was eroded on more than one front. On Wednesday, UBS told clients to sell shares in Advanced Micro Devices, an American chip company. Yesterday, Citi pared its forecasts for the mobile phone industry, and trimmed target prices for shares in companies most exposed to China, now the world’s biggest phone market.
There was a profit warning from Intel this