Semiconductor stocks plunge on the New York stock market, wiping out 2,000 trillion won in market capitalization in a single day
Semiconductor stocks plunge, putting the brakes on the AI frenzy on the New York stock market Broadcom and Nvidia fall together, along with rate concerns, confirming market volatility
On the U.S. New York stock market, semiconductor stocks that had been driving the AI boom fell sharply across the board on the 5th. The decline came amid assessments that Broadcom's AI chip business growth fell short of market expectations, along with growing concerns about rising interest rates due to U.S. employment data that was stronger than expected.
On the day, the Philadelphia Semiconductor Index fell 10.3%, recording its biggest oneday drop since March 2020. Major stocks such as Nvidia, Micron, and AMD also plunged, and the entire semiconductor sector's market capitalization evaporated by about $1.3 trillion, or about 2,026 trillion won, in just one day.
However, some see this decline as a correction following the sharp rally so far rather than a deterioration in industry conditions. Even after this plunge, the index is still up 73% from the start of the year.