The Nasdaq Composite cratered roughly 4% on June 5, marking its worst single-day performance in over a year. The culprit was a familiar one-two punch: hot economic data that made rate hikes feel inevitable again, and a sudden crisis of faith in the AI spending boom that has propped up tech valuations for the better part of two years.
For crypto investors who thought they could sit this one out, think again. Bitcoin slid below $60,000 as the risk-off wave swept through every asset class that had been riding the same liquidity-fueled rally.
The damage report
The selloff was broad, but it hit AI and semiconductor stocks hardest. Nvidia dropped around 6%. Broadcom fell nearly 8%. Micron, which has been one of the loudest beneficiaries of the AI memory boom, plummeted roughly 13%.
A widely held memory-chip ETF experienced an even uglier session, declining approximately 15%.
