Why Artificial Intelligence (AI) Chip Stocks Broadcom, Taiwan Semiconductor Manufacturing, and Arm Holdings Plunged Today
Shares of artificial intelligence (AI) chip names Broadcom (NASDAQ: AVGO), Taiwan Semiconductor Manufacturing (NYSE: TSM), and Arm Holdings (NASDAQ: ARM) were falling on Wednesday, down 6.7%, 5.1%, and 7.7%, respectively, as of 3:28 p.m. ET.
None of these companies reported news today, but the entire artificial intelligence chip cohort seemed to be taking it on the chin after tech giants and Tesla reported earnings last night that failed to live up to expectations.
The technology giants in the "Magnificent Seven" tend to be the biggest customers for artificial intelligence chips, so any sort of weakness at these companies could be thought of as a danger to future AI spending -- even though there's no evidence of a letup today.
Source Fool.com
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