Tech stocks wipe out more than $1.5 trillion as AI boom fears

Tech stocks suffered a severe selloff as AI enthusiasm reverses, with the Nasdaq 100 down 4.2% and semiconductor shares collapsing. Intel's 31% plunge and double-digit declines in AMD, ARM, Qualcomm and Marvell signal broad de-risking in high-valuation AI-linked equities. The Philadelphia Semiconductor Index fell 9%, underscoring systemic pressure across chip supply chains and weighing on short-term risk appetite.