Chip stocks kaboom💥

Nvidia plunged 9.5% on Tuesday, wiping nearly $300 billion off the chipmaker's market cap and pulling chip stocks down with it.
  • Intel fell almost 8%, 
  • Marvell slid 8.2%, and 
  • Broadcom lost about 6%. 
  • AMD dropped 7.8%, and 
  • Qualcomm fell nearly 7%. 

Markets were sluggish Tuesday after the ISM manufacturing index reported August figures that came in below consensus expectations —raising fears about the strength of the economy but also potentially increasing chances that the Federal Reserve will cut interest rates.

Chip stocks have been rising in the past year on optimism that the artificial intelligence boom will require companies to buy more semiconductors and memory to keep up with rising computational requirements for AI applications. 



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