US stock market crash: Chip stocks extend sell-off, AMD, Arm, Qualcomm and Sandisk plunge up to 17%; Nasdaq down 6%

Chip stocks extended a sell-off on the day this headline was reported, with AMD, Arm, Qualcomm and Sandisk falling as much as 17% and the Nasdaq declining roughly 6%. The move is concentrated in semiconductor names, which are high-beta to growth expectations and to the forward earnings multiples that investors have paid for AI-linked demand, so a broad de-rating in the group transmits quickly into the Nasdaq-100 given its heavy weighting toward technology. Because the decline is outsized relative to the broader market, the dominant channel appears to be a compression of risk appetite and multiples rather than a rates-driven repricing, though the source headline does not specify a single trigger. The S&P 500 and NDX are the most directly exposed indices, while AMD and QCOM, as large-cap chip designers with significant data-center and mobile revenue exposure, serve as the clearest read on whether the selling is sector-specific or spreading. Traders will be watching the next major semiconductor earnings reports and forward guidance for signs of whether demand expectations are being revised, alongside US inflation and Treasury yield data that could shift the discount rate

The Nasdaq-100 (NDX) is the US large-cap tech benchmark. NDX is more sensitive to rate decisions than SPX because of longer-duration cash flows, and heavily concentrated in Tech/Comms names — mega-cap earnings season dominates price action.

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