US technology shares drop sharply following steep semiconductor losses

United States technology stocks fell sharply on Friday, led by significant declines across artificial intelligence and semiconductor companies, SBS News reported. The tech-heavy Nasdaq index fell by 2.15 percent during the session. The Philadelphia Semiconductor Index tumbled nearly 4 percent, extending its losing streak to eight consecutive trading days. [1]

Several major chip makers recorded severe single-day losses, according to SBS News. Advanced Micro Devices, Intel, and Micron Technology all saw their stock prices plunge by more than 5 percent. SBS News noted that the eight-day slump for the Philadelphia Semiconductor Index marks its longest losing streak since the 2008 financial crisis. [1]

The steep downturn in United States markets is creating fresh volatility for international investors and Asian equity markets as trading resumes on October 19, SBS News reported. Meanwhile, BigGo Finance reported that South Korea has seen a surge in debt-fueled stock buying. Credit line balances topped 44 trillion won after rising by 1.6 trillion won during a broader market crash. [1][7]

Big Tech companies comprise the largest technology entities globally, including Microsoft, Apple, Alphabet, Amazon, and Meta, while major hardware firms such as Nvidia are frequently grouped alongside them. Investors are shifting their focus to upcoming quarterly earnings reports as the recent momentum in artificial intelligence stocks shows signs of slowing, Newsmax reported. [6][9]