Tech stocks took another big hit Tuesday as investors sold off shares of companies powering the artificial intelligence boom. The tech-heavy Nasdaq composite dropped roughly 2%, while the S&P 500 fell more than 1%. Shares of major California tech companies including Nvidia, Qualcomm, Intel, and Marvell Technology all declined, and Micron Technology plunged more than 13% ahead of its third-quarter earnings report. Anxiety spilled over from Asia, where South Korean memory chip makers SK Hynix and Samsung Electronics saw their stocks drop more than 12%. Analysts pointed to sky-high valuations, geopolitical tensions, and questions about whether massive AI spending will pay off, with Wedbush Securities analyst Dan Ives calling it a "gut-check moment."
Samsung Electronics Co Ltd
Apple Inc.
Alphabet Inc Class C
Marvell Technology Group Ltd
NVIDIA Corporation
SK Hynix Inc
Intel Corporation
Micron Technology Inc
Qualcomm Incorporated
Meta Platforms Inc.