The PHLX Semiconductor Index (SOX) fell 10.26% on June 5, its worst single-day drop since March 2020, wiping over $1 trillion in chip stock market value.

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

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