AI chip giant Nvidia fell 4.4%, retreating from a record high hit in the previous session that put it on the brink of overtaking Apple as the world’s most valuable company.
Tuesday’s decline would have reduced the AI chip major’s market capitalization by about $138 billion to $3.25 trillion, widening the gap with Apple’s $3.58 trillion valuation.
Other chip companies including AMD, Intel, Arm, Broadcom and Micron fell between 2.3% and 6.2%, dragging the Philadelphia SE Semiconductor Index down about 4% and weighing on the Nasdaq Index.
US-listed shares of ASML were down 12% after the Dutch company, in an apparent error, reported weaker bookings, cut forecasts and signaled a slower chip demand recovery outside the AI sector.
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“ASML’s fat-finger blunder is not in itself a cause for concern, but the content of the release does not make for comforting reading for investors,” said Darren Nathan, head of equity research at Hargreaves Lansdowne.
Separately, Bloomberg News reported Monday that US officials are considering imposing limits on export licenses for AI chips in certain countries — mostly in the Persian Gulf region — citing national security concerns.
Washington is increasingly concerned that the Middle East could serve as a channel for China to acquire advanced American chips that are banned from shipping directly to the Asian country.
“With the AI revolution expected to play such a large part in boosting productivity and enabling other technological advances, it’s no surprise that the US wants to do what it can to maintain its dominance,” said Danny Hewson, head of financial analysis at AJ Bell.
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