The Nasdaq dropped nearly 4% as AI stocks including Nvidia, Broadcom, and Micron tumbled on rate-hike fears, dragging Bitcoin below $60,000.

Broadcom's disappointing AI chip outlook pulled the Nasdaq lower for a third session, dragged Asian equities down with it, and took crypto along for the ride.

The selloff in shares of companies tied to AI looked poised to continue, with a swath of companies declining premarket, though Dow futures were up.

Fears of an interest rate increase has unsettled investors