Much of what's happening in the headlines and on the stock market these days has inexorable ties to artificial intelligence (AI). However, developments in another corner of the semiconductor industry stole the spotlight today. A smartphone released in China contained an advanced processor that many believed shouldn't be possible in the face of U.S. chip sanctions.

With that as a backdrop, wireless chips provider (NASDAQ: QCOM) tumbled 6.7%, semiconductor equipment systems provider ASML Holding (NASDAQ: ASML) slumped 4.6%, chipmaker Taiwan Semiconductor Manufacturing (NYSE: TSM) fell 3.2%, and chipmaker Broadcom (NASDAQ: AVGO) dipped 2.4% by 1:21 p.m. ET.

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Source Fool.com