US chipmakers lost $1.3 trillion in market value as the PHLX Semiconductor Index dropped 10.3%, its worst day since March 2020, dragging global markets

US chipmakers lost $1.3 trillion in market value as the PHLX Semiconductor Index dropped 10.3%, its worst day since March 2020, dragging global markets

Chip stocks plunged on Tuesday, one day after the Philadelphia semiconductor index, known as SOX, hit a record high.