Four weeks after US stocks buckled amid a global flight from risk assets, chipmakers touched off another bout of equities selling when a pair of industry analysts rekindled worries that the mania surrounding artificial intelligence had gone too far.
Nvidia Corp. shares tumbled 9.5%, wiping out $278.9 billion in the biggest loss of value ever for a US stock. It is now down 14% in the three sessions since it reported earnings that failed to live up to lofty expectations. All 30 members of the Philadelphia Semiconductor Index sank at least 5.4%, with On Semiconductor, KLA Corp. and Monolithic Power Systems Inc. down more than 9%. The Nasdaq 100 sank almost 3.2%.