Global tech sell-off intensifies, led by AI and chip stocks

Business NewsGlobal tech sell-off intensifies, led by AI and chip stocksThe selling was the latest in many “gut check moments” for tech stocks recently, analysts said.Listen to this article with a free account00:0000:00SpaceX shares dipped below their $150 stock market debut price in early and volatile trading Tuesday.Michael Nagle / Bloomberg via Getty ImagesShareAdd NBC News to GoogleJune 23, 2026, 6:57 AM EDT / Updated June 23, 2026, 10:22 AM EDTBy Steve KopackMarkets tumbled around the world on Tuesday, as renewed doubts about sky-high valuations appeared to take hold of investors in some of the largest AI, chip and memory stocks.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.The deepening sell-off in technology stocks was led by artificial intelligence and chip stocks, starting overnight with two of Korea’s largest companies.Market sentiment was also also hurt by Elon Musk’s SpaceX, which has slid for days after a blistering June 12 debut on the U.S. market. In earlier trading, shares fell as low at $147 before turning higher in volatile trading.This latest tumult was caused in part by worries over the sustainability of stunning surges in tech stocks and fears that rising inflation stemming from the Iran war and the closure of the Strait of Hormuz could lead to higher interest rates and more expensive borrowing for the ever-expanding global AI infrastructure buildout.Add NBC News to GoogleElon Musk’s Trillionaire Status Signals Growing Wealth Gap in US04:05Shortly after the opening bell rang on Wall Street, the Nasdaq Composite dropped 1.1%. The Nasdaq 100, the hundred largest non-financial stocks traded on the exchange, plunged 2%. The S&P 500 slid 1.3%, while the Russell 2000, which tracks small and mid-cap stocks that often avoid the volatility in major tech stocks, was down 1%.The Dow rose slightly, but was held back from turning even higher by Caterpillar, Nvidia and Cisco shares, which were down more th...