Microsoft Corp MSFT is designing in-house processors for server computers running on the company’s cloud services, a development which will reduce reliance on Intel Corporation’s INTC chip technology, according to a Bloomberg report.

Several chips stocks fell on the news.

Intel shares traded down 6.3% to $47.46. The stock has a 52-week high of $69.29 and a 52-week low of $43.61.

Advanced Micro Devices, Inc. AMD closed down 0.95% at $95.92 per share.

Nvidia Corporation NVDA shares traded down 0.52% to $530.88. The stock has a 52-week high of $589.07 and a 52-week low of $180.68.

Xilinx, Inc. XLNX shares traded down 1.76% to $149.19. The stock has a 52-week high of $154.12 and a 52-week low of $67.68.

Micron Technology, Inc. MU shares traded down 1.11% to $71.46. The stock has a 52-week high of $74.60 and a 52-week low of $31.13.