Broadcom AI results fall short, US tech loses $1.3 trillion
Business
US tech stocks just had a rough couple of days, especially for semiconductor companies.
The PHLX Semiconductor Index dropped more than 10% (its worst fall since early 2020) after Broadcom's AI chip earnings didn't meet the hype, sending its shares down nearly 20%.
In total, about $1.3 trillion in market value vanished in just two sessions.
NVIDIA falls 6%, loses over $300B
NVIDIA lost 6%, which meant more than $300 billion gone from its value, while Micron and Marvell Technology also took big hits.
Even with this dip, the semiconductor index is still up a massive 73% for the year.
Broader markets slipped too after strong US jobs data made investors worry that high interest rates might stick around longer than expected.