Qualcomm, Nvidia, AMD and Intel plunge up to 15% as hot US inflation data dents AI rally sentiment

Marvell Technology, Intel, Micron Technology, and other chip stocks, which had powered the recent rally in the US stock market, came under sharp selling pressure on Tuesday, 12 May, as a hotter-than-expected inflation report and stalled efforts to resolve the Middle East conflict weighed on investor sentiment.

Leading the losses was Qualcomm, which plunged 15% to $202.50 apiece. It was followed by Intel, Micron Technology, Marvell Technology, and Advanced Micro Devices, all of which fell over 6%. NVIDIA, now the world’s most valuable company, was also down 1.6%.