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U.S. Chip Stocks Plunge $1.3 Trillion; Philadelphia Semiconductor Index Crashes 10.3% on June 5

2026-06-05 21:01:41

On Friday (June 5), the Philadelphia Semiconductor Index plunged 10.3%, marking its largest single-day decline since March 2020, with U.S. chip stocks losing approximately $1.3 trillion in market value. The sell-off was triggered by Broadcom's disappointing earnings report, which showed customized AI chip demand growth fell short of expectations, alongside broader concerns about elevated AI stock valuations. Major chip companies tumbled: Nvidia fell 6%, wiping out over $300 billion in market value; Micron dropped 13%; Marvell Technology skid 17%; AMD declined 11%; and Broadcom itself fell 7.9%. Stronger-than-expected U.S. jobs data further pressured sentiment, raising investor concerns that the Federal Reserve will maintain higher interest rates longer than anticipated.

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