Technology sector’s ‘hottest companies’ lost $1.3 trillion in less than 24 hours: What wiped hundreds of billion dollars from market cap of Nvidia, Micron, Broadcom and other chip stocks

The AI chip sector experienced a dramatic $1.3 trillion market value collapse in under 24 hours, marking the deepest one-day drop for the PHLX chip index since March 2020. This selloff was triggered by Broadcom’s quarterly report, which revealed weaker-than-expected demand for its custom AI chips, fueling investor anxieties about the AI trade’s detachment from reality.