US Stocks Today | Chip stocks plunge, but bargain-hunters stem losses in other tech names

US tech stocks faced a sharp selloff with the Nasdaq down 1.4 percent, wiping out around 680 billion dollars in market value in morning trade. Chip stocks led the decline, with the Philadelphia SE Semiconductor Index down 6.3 percent and memory chipmakers like SanDisk and Western Digital falling 12 percent and 11 percent respectively. The selloff was attributed to unwinding of concentrated tech positioning and concerns over the scale of AI capex, compounded by expectations of tighter US monetary policy.