The Philadelphia Semiconductor Index lost around $500 billion on Tuesday, Bloomberg reports. The index was dragged down by Nvidia, AMD and Intel, among others.
The sharp declines in the sector were also visible on Asian stock exchanges on Wednesday, where South Korea's semiconductor-heavy stock market in particular fell heavily. Semiconductor giants such as Samsung Electronics and SK Hynix were the main drags down.
On Wednesday, futures for the tech-heavy Nasdaq are pointing down while the Dow Jones industrial average is trading sideways in pre-market trading. AMD, which reported after the market close, is down 4 percent in pre-market trading.
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