Semiconductor stocks plunged on Thursday morning following a dramatic rally the previous day, with Broadcom (AVGO, Financial) leading the declines and Nvidia (NVDA, Financial) also posting heavy losses. Broadcom slumped roughly 7% near midday while Nvidia tumbled more than 5%. Just 24 hours earlier, both stocks had surged over 10% after President Trump paused most tariffs for 90 days as trade deal negotiations unfolded.
Amid this volatility, a separate report revealed that the White House reversed its plan to ban Nvidia's H20 GPUs for China. Meanwhile, other key chipmakers weren't spared. AMD (AMD, Financial), Intel (INTC, Financial), Marvell (MRVL, Financial), and Texas Instruments (TXN) each experienced declines of about 8%, 7%, 12%, and roughly 8.5% respectively. Qualcomm (QCOM, Financial), Micron Technology (MU, Financial) and Analog Devices (ADI) also dropped 6% or more as selling intensified.
The Philadelphia Semiconductor Index (SOX) fell by around 8.5%, mirroring the widespread downturn. Analysts have warned that Trump's tariffs could further disrupt the global tech supply chain and may lead companies to withhold earnings guidance in the upcoming season.
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