Global stocks extended losses on Tuesday in a sell-off driven by chipmakers and other tech companies that have recently benefited from market enthusiasm for the prospects of artificial intelligence.
The tech-heavy Nasdaq composite index was down 2.21 percent at the market’s close.
Among the main drivers were Sandisk and Micron Technology, which specialize in memory and storage. Both were down more than 13 percent at closing.
Intel closed down more than 6 percent and Nvidia closed down more than 4 percent.
The cooling sentiment follows signals of higher interest rates and concern over the level of spending on AI investment, which has driven markets to record highs.
Tuesday was an even rougher day for markets and tech stocks in Asia.
South Korea’s KOSPI index fell nearly 10 percent, with Samsung Electronics and semiconductor maker SK Hynix each losing more than 12 percent of their value. The sell-off triggered a trading halt Tuesday afternoon, according to South Korean news agency Yonhap.
Japan’s Nikkei index closed nearly 4 percent down, while Hong Kong’s Hang Seng Index lost nearly 2 percent.
Markets in Europe also lost ground Tuesday, including Britain’s FTSE 250, Germany’s DAX and France’s CAC 40.
In the United States, shares of SpaceX, after falling 16 percent on Monday, briefly dropped below their debut price of $150 on Tuesday before closing up 1 percent.
Amazon and Microsoft also both ended the market day in a positive direction. (Amazon Executive Chairman Jeff Bezos owns The Washington Post.)
Oracle, which reported in a Monday regulatory filing that it had cut about 13 percent of its workforce in the past year, was down 1 percent at Tuesday’s closing and has dropped more than 10 percent since the start of 2026.
Alphabet slid another .77 percent Tuesday, after closing down 5 percent Monday, its worst trading day since last year.
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