AI | Qualcomm stock price drops over 13%; Philadelphia Semiconductor Index falls more than 6%

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U.S. stocks in the chip and semiconductor equipment sector generally sold off on Tuesday, with the Philadelphia Semiconductor Index falling back from its record high the previous day, dropping as much as 6.2% during the session to 11,332 points.

Core AI concept stocks faced selling pressure, with Qualcomm’s stock plunging 13.6%, Intel down 8.6%, Micron Technology down 8.3%, Sandisk dropping 9.8%, Advanced Micro Devices (AMD) retreating 4.8%, and TSMC falling 3.7%.

Affected by the cooling of the artificial intelligence (AI) trading frenzy, funds began to withdraw from high-valuation tech stocks. As a leader in AI computing power, NVIDIA’s stock also dipped 2.1% at one point, currently narrowing its decline to 0.8%.

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