Technology sector’s ‘hottest companies’ lost $1.3 trillion in less than 24 hours: What wiped hundreds of billion dollars from market cap of Nvidia, Micron, Broadcom and other chip stocks
The artificial intelligence (AI) boom suffered a massive blow as the technology sector’s hottest chip companies saw a staggering $1.3 trillion in market value vanish in less than 24 hours. The massive selloff triggered the deepest one-day drop for the PHLX chip index (.SOX) since March 2020, when the onset of the coronavirus pandemic threw global markets into disruption.
The panic swept through Wall Street’s favourite AI heavyweights, leaving massive financial damage in its wake, news agency Reuters reported.
