Major chip and AI stocks fall over 2%, underperforming broader tech indices as recent gains unwind.
Semiconductor and AI stocks declined sharply, with most names dropping over 2% in today’s session. The sell-off erases recent gains, as the sector had significantly outpaced broader markets in prior months. The Nasdaq and Nasdaq 100 both fell around 1%, lagging behind the sector’s steeper losses.
Among the hardest hit, Nebius Group plunged 8.53% to $155.21, while KLA Corporation dropped 7.82% to $175.88. Even high-flyers like SanDisk and Arm Holdings saw declines of 6.67% and 5.71%, respectively. Despite today’s losses, most stocks remain up sharply year-to-date, with SanDisk still up 332% and Micron up 174%.
The VanEck Semiconductor ETF (SMH) fell 3.07% to $513.36, reflecting broad-based weakness. Nvidia, one of the sector’s leaders, declined 2.44% to $192.21, while Intel and Texas Instruments also posted losses.