$1.3 trillion wiped off Wall Street as AI rally slows; Nvidia slips 6%, Micron falls 13%
TIMESOFINDIA.COM / Jun 06, 2026, 09:33 (IST)
Tech stocks, particularly semiconductors, experienced a significant downturn Friday, driven by investor caution over AI valuations and robust US jobs data. The PHLX Semiconductor Index saw its steepest drop since March 2020, erasing billions in market value. This retreat follows a period of record highs, with strong employment figures fueling concerns about interest rate cuts.