US chip stocks fell sharply, and the Philadelphia Semiconductor Index closed down 3%

US chip stocks fell sharply on Tuesday, with the Philadelphia Semiconductor Index falling 6.8% at one point during trading, marking its largest mid market decline in over a year, and ultimately closing down 3%. Qualcomm led the decline by 11.4%, with Broadcom, Intel, and Micron Technology leading the decline, and Nvidia being the only stock to close higher. Susquehanna International's Murphy stated that the historic rise in chip stocks is difficult to sustain, and the market remains full of FOMO sentiment.