Tech Stock Rout Wipes Out $1 Trillion in Market Value

WHO:

Techmeme - U.S.-traded chipmakers including Nvidia, Micron Technology, Advanced Micro Devices (AMD), and Broadcom.

Yahoo Finance - Elon Musk, associated with SpaceX.

WHAT:

Techmeme - U.S.-traded chipmakers lost over $1 trillion in market value.

Yahoo Finance - Nvidia fell 6.19%, Micron fell 13.25%, AMD fell 10.86%, and Broadcom fell 7.92%.

Yahoo Finance - The PHLX chip index slumped almost 8.5% in afternoon trading.

Yahoo Finance - The PHLX's combined loss over two sessions exceeded 10%.

Yahoo Finance - Nvidia's market capitalization decreased by more than $300 billion.

Yahoo Finance - Micron Technology's market value evaporated by $127 billion.

Yahoo Finance - Broadcom's two-day loss reached 19%.

WHERE:

Yahoo Finance - Wall Street.

WHEN:

Yahoo Finance - The selloff occurred on a Friday, following a quarterly report from Broadcom earlier in the week.

Yahoo Finance - Elon Musk's SpaceX is preparing for an initial public offering next week at a valuation of $1.75 trillion.

WHY:

Yahoo Finance - Broadcom's weak quarterly report indicated demand for its custom AI chips fell short of expectations.

Yahoo Finance - Concerns about higher interest rates spooked investors following stronger-than-expected jobs data.

HOW:

Yahoo Finance - Investors had been "blindly buying the dip," which ended with the recent market downturn.

(UPDATED June 6, 2026 07:53 UTC)

U.S.-traded chipmakers, including Nvidia, Micron Technology, AMD, and Broadcom, have collectively lost over $1 trillion in market value, with Nvidia falling by 6.19% and Micron dropping 13.25% in a significant selloff on Wall Street. The PHLX chip index slumped nearly 8.5% during afternoon trading, and Broadcom's two-day loss reached 19%, largely due to disappointing demand for its custom AI chips and concerns about rising interest rates. Meanwhile, Elon Musk's SpaceX is gearing up for an initial public offering next week, aiming for a valuation of $1.75 trillion.