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Nvidia, Chip Stocks Drop Into Correction as Rate Bets Shift
-- A gauge of global chip stocks and AI bellwether Nvidia Corp. have fallen together into a technical correction, showing moderation in the global equity market’s most conspicuous driver over the past year and a half.Dubai Grinds to Standstill as Cloud Seeding Worsens Flooding. Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs. Tesla Asks Investors to Approve Musk’s $56 Billion Pay Again. Bankers Hit With Millions in Breakup Fees for Ditching New Jobs. The Philadelphia Semiconductor Index and Nvidia dropped more than 3% each Wednesday, pushing them down more than 10% from record high levels reached in March.In addition to concerns of the rallies becoming overheated, the sector has been hit by concerns over pushed back Federal Reserve interest rate cuts and China’s weak economy.TSMC’s American depositary receipts are down 6.8% from their March all-time high. The biggest drags on the SOX in its drop into correction have been Advanced Micro Devices Inc. and Intel Corp.
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