The Nasdaq 100 fell sharply as semiconductor stocks led a broad tech sell-off, with rising bond yields pressuring valuations across the sector. Major chipmakers reported weakness, signaling renewed caution on capex cycles and AI infrastructure spending after months of euphoria.
The selloff underscores investor anxiety over sustained elevated rates and the durability of AI revenue growth models, with hardware margins under pressure. Trading patterns suggest a rotational correction rather than systemic risk, but momentum in GPU and CPU demand narratives has cooled materially.