The PHLX chip index slumped 10.3% in its deepest one-day loss since March 2020.

U.S.-traded chipmakers plunged on Friday, losing about $1.3 trillion in market value, with deep losses in AI heavy hitters ‌including Nvidia, Micron Technology and Advanced Micro Devices, as Broadcom's weak report earlier this week reverberated across ⁠Wall Street. The PHLX chip index slumped 10.3% in its deepest one-day loss since March 2020, when the coronavirus pandemic threw global ‌markets into a tailspin. Friday's selloff added to losses on Thursday after Broadcom issued a quarterly ‌report that showed demand for its custom ‌AI chips ⁠business falling short of lofty expectations. The PHLX's ⁠combined loss of 12% over two sessions shows investors are becoming more concerned about pricey, high-flying tech stocks just as Elon Musk prepares a blockbuster initial public ‌offering next week for SpaceX at an exceedingly high $1.75 trillion valuation. The chip index hit a record high on Wednesday, and even after Friday's losses it remains ‌up 73% year to date. Nvidia, the world's most valuable chipmaker, fell about 6%, cleaving more than $300 billion from its market capitalization. Micron Technology ⁠tumbled 13%, evaporating about $150 billion in market value. Recent investor darling Marvell Technology gave back 17%, while AMD lost ‌almost 11%. "You've had a lot of people here that were just blindly buying the dip," said Dennis Dick, a proprietary trader at Triple D Trading. "Blindly buying the dip had been winning you money, but that ended today." Worries about higher interest rates also spooked investors across ‌the U.S. stock market following stronger-than-expected jobs data, and the S&P 500 fell 2.6%. One of the biggest beneficiaries of the AI race, Broadcom, lost 7.9%, bringing ⁠its two-day loss to almost 20%. "The semiconductor sector was ⁠way overbought. That's why we're seeing the sell-off. I don't think it's the end of ‌the (semiconductor) bull market," said Ohsung Kwon, Chief Equity Strategist at Wells Fargo. Published on June 6, 2026

Physicists at the University of Oxford show they can assemble Schrödinger’s cat-like superpositions from far more exotic quantum ingredients.

Selection marks the next phase of construction on Micron’s New York project, expected to generate 50,000 jobs.

OneAdvanced has launched what it bills as the UK’s first private, sovereign healthcare large language model trained on NHS primary-care data.