Sell-off in chip stocks 'quite a mistake'
Chip giant Nvidia lost almost $600 billion in market cap on Monday, logging the largest drop for a company in a single day in the U.S. The company posted its worst day in the market since March 2020 after its stock price plunged 17%. However, a rotation into more defensive areas of the U.S. market helped ease Monday's losses.
Overnight, other chip-related shares in international markets also fell. Netherlands-based chip companies ASML and ASM International saw declines during European trading hours. Micron and Arm Holdings dropped more than 11% and 10%, respectively.