Nasdaq fell 2.2% on Thursday as chip stocks sold off again. The Philadelphia Semiconductor Index dropped 4.8% and moved into technical bear territory. Investors who had been leaning on the AI trade got a sharper warning about how quickly leadership can narrow.
The Philadelphia Semiconductor Index was down around 20% month to date after the decline. Arm fell 7%, Broadcom fell 4.2%, Advanced Micro Devices fell 7.8%, and Nvidia fell 3.7%. That kind of spread is not a single-stock story; it points to a broad reset in the chips complex.
Apple Beats Nvidia on Thursday
Apple rose 0.4% and overtook Nvidia as the world’s most valuable company. The move shows that one mega-cap can still gain ground even while the wider tech tape weakens. For holders of chip-heavy portfolios, that split matters more than the headline averages.
Netflix slumped by about 10% after disappointing growth forecasts shared with investors last night. A separate look at Dow, S&P 500, Nasdaq Futures Mixed Ahead of Cpi 8:30 a.m. ET shows how quickly the mood had already turned before Thursday’s drop, while the pressure on semiconductors also fits with the strain implied by Sk Hynix NASDAQ ADR Listing Could Pressure NVIDIA and Micron.
Philadelphia Semiconductor Index Bear Territory
The Nasdaq had fallen 1.6% the previous day, so Thursday’s decline extended a two-day slide rather than a one-off move. That leaves investors in Arm, Broadcom, Advanced Micro Devices, Nvidia, and the wider chip trade facing a market that is no longer rewarding momentum as reliably as it was earlier in the year.
What specific catalyst triggered the chip sell-off is not answered in the figures available here. The next useful read will be whether the selling stays concentrated in semiconductors or keeps spreading into the rest of the Nasdaq, especially after the market has already cut deep into the Philadelphia Semiconductor Index.
