"Perhaps the most significant driver behind today's market falls is the growing fear that the tech sector is in an AI bubble, and that if that bubble pops, it could send shockwaves not just through the stock markets but also through the economy. The impact of an AI bubble popping in the broader economy is part of the reason even non-AI-related stocks are down today."
"As of the time of this writing, major chipmaking giants and the companies that supply them are seeing their share prices fall. These include: Advanced Micro Devices, Inc. (Nasdaq: AMD): down 5.6% Arm Holdings plc (Nasdaq: ARM): down 3.9% ASML Holding N.V. (Nasdaq: ASML): down 2.2% Broadcom Inc. (Nasdaq: AVGO): down 1.7% Intel Corporation (Nasdaq: INTC):down 2.8% Micron Technology, Inc. (Nasdaq: MU): down 5.1% NVIDIA Corporation (Nasdaq: NVDA): down 2.8% QUALCOMM Incorporated (Nasdaq: QCOM):down 2.6% Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM): down 2.6%"
Nvidia will report third-quarter earnings tomorrow, and Nvidia shares were down in Tuesday trading ahead of the announcement. Major chipmakers and suppliers saw share-price declines, including AMD down 5.6%, ARM down 3.9%, ASML down 2.2%, Broadcom down 1.7%, Intel down 2.8%, Micron down 5.1%, NVIDIA down 2.8%, Qualcomm down 2.6%, and TSMC down 2.6%. The fall in chip stocks was part of a broader market decline, with the S&P 500 down 0.87%, the Dow down 1%, and the Nasdaq down 1.3%. Growing fears of an AI bubble and its economic shockwaves weighed on AI-exposed and non-AI shares such as Microsoft, Amazon, Alphabet, and Meta.
Read at Fast Company
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