Memory chip prices have been falling steeply over the past year, and they are expected to continue falling in the first half of 2023.

Intel is expected to report a $278 million loss for the final period of the year on sales of $14.49 billion, according to analysts surveyed by FactSet.

Wynn Resorts' stock jumped nearly 7% on Wednesday, building on its solid start to the year. With Wednesday's gain, the stock is up more than 11% for the week.

The oversupply of chips marks a sharp turnaround from a global shortage during two years of supercharged demand.

Tesla's shares fell more than 9% during Thursday's trading session.