Chip Stocks Plunged. AMD, ARM and Credo down 8%; SMCI down 7%; Astera, Synopsys, Micron and Globalfoundries down 6%; TSMC and Qualcomm down 5%; Nvidia down 3%.

U.S. President Donald Trump on Friday said there no reason to meet with China's President Xi Jinping in two weeks in South Korea as planned, adding in a Truth Social post that the U.S. is calculating a massive increase in tariffs on Chinese imports.