Chip stocks and high-flying tech shares plunge, sending the Nasdaq, S&P 500 lower
Sherwood News • • business
Key Points:
- Major US tech stocks, including chipmakers and AI companies, experienced significant declines on Tuesday, causing the Nasdaq 100 to drop around 3% and the S&P 500 to fall nearly 2%.
- The iShares Semiconductor ETF erased all gains from the previous day’s strong performance, as investors rapidly took profits from volatile, high-growth semiconductor stocks.
- Key chipmakers such as Micron and AMD saw sharp intraday losses, with Micron falling over 9% despite a strong rally earlier in the year, and Marvell Technology reversed a nearly 10% gain to end with double-digit losses.
- Intel shares declined following a report that Google and Nvidia might consider the company as a backup supplier to TSMC, despite a jump in its stock the previous day.
- Apple’s stock also dipped after its Worldwide Developers Conference, where it introduced an AI-enhanced version of Siri and new iOS 27 trust and safety features.