Chip stocks crash: Intel plunges 30%, AMD drops 12%, Nvidia and Broadcom also slide — what’s driving the selloff?

A multi-fold jump in profits at China’s ChangXin Memory Technologies has triggered another round of selloffs in chip stocks in Friday’s trade on October 30, while disappointing earnings from Amazon and Intel have added to growth concerns on Wall Street.

The losses were led by Intel, which plunged 30%, followed by Advanced Micro Devices (AMD) (12%), Qualcomm (12%), SanDisk (9.7%), Broadcom (5%), Nvidia (4.86%), Micron Technology (4%), and Amazon (2%).