Nasdaq Slides 5.52% as Nvidia and AMD Drive a Broad Tech Rout

U.S. technology stocks suffered a broad rout, with the Nasdaq Composite falling 5.52% in its steepest one-day drop in 19 months and chipmakers Nvidia and AMD among the hardest hit.

Nvidia fell 9.26%, while AMD dropped more than 17%. Losses spread across AI infrastructure: Applied Digital, Cipher Digital and IREN each fell more than 14%; Nebius Group declined about 15%, and CoreWeave dropped about 10%. Memory and optical networking stocks also slid, including SanDisk, down more than 22%, Western Digital, down 17.35%, Micron Technology, down 17.46%, and Lumentum, down more than 18%.

Market-value losses were estimated at $2.9 trillion for S&P 500 constituents and $2.5 trillion for Nasdaq constituents. The Magnificent Seven lost about $1.04 trillion combined. Amazon fell about 2.19%, Alphabet Class A shares 2.2%, Microsoft 3.58%, Meta 3.96% and Apple 1.53%. Tesla and SpaceX also fell more than 9% each.

The S&P 500 and Dow Jones Industrial Average also recorded their steepest daily declines since the Liberation Day tariffs were announced in April 2025. The equity selloff put a sharp risk-off move on crypto traders’ radar.