Shares of technology companies slid as traders dumped high-flyers in the sector in anticipation of rising interest rates.

Sharp rally unwinds as profit-taking, stake cuts and IPO pipeline pressure sentiment

Asian technology shares fell, tracking losses in U.S. semiconductor stocks after disappointing earnings Broadcom sparked a rotation out of AI-linked names.

European stocks were steadying after falling at open as

The Philadelphia Semiconductor Index dropped 2% after Broadcom's AI chip revenue forecast missed Wall Street estimates by $1.2 billion despite record Q2

By Hannah Pedone and Britney Nguyen

Shares of technology companies slid as traders dumped high-flyers in the sector in anticipation of rising interest rates.

"The lack of a reacceleration of wage growth in recent months points to a labor market that is stable, but not hot."

Nvidia fell 6.2%, Broadcom dropped 7.9% and Micron Technology slid 13.3% for the biggest loss among stocks in the S&P 500.