Credo Technology Group Holding Ltd (CRDO) saw its shares plummet 5.35% in pre-market trading on Friday, as the stock faced significant selling pressure.

The decline was part of a broad-based downturn across the semiconductor sector, with major chip stocks including NVIDIA, Micron Technology, Intel, Advanced Micro Devices, and Broadcom all trading lower during the same session. Chip-related ETFs like SOXL also declined sharply, contributing to the negative sentiment.

Broader market weakness added to the pressure, with Nasdaq 100 futures falling approximately 1% during the overnight session, indicating negative investor sentiment across the technology space.