Chip stock falls erase $1.3T
U.S. semiconductor company stocks experienced a sharp decline, losing about $1.3 trillion in market value. As a result, the Philadelphia Semiconductor Index dropped by 10.3%, marking its largest plunge since March 2020, with Nvidia losing 6.2% and other companies like Microphone, Marvel Technology, and AMD declining between 11% and 17%. The decrease followed disappointing quarterly results that disappointed investors, particularly regarding demand for AI chips. Nevertheless, the semiconductor index remains up 73% since the beginning of the year, driven by growth expectations related to artificial intelligence.
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