US stocks slipped Monday as key tech shares that have led the bull market continued to be dumped by investors.
The S&P 500 lost 0.9%, and the Nasdaq Composite dropped 1.4%. The Dow Jones Industrial Average was the relative outperformer, losing just 50 points, or 0.1%. All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.
The White House unveiled sweeping new limits on the sale of advanced AI chips by Nvidia Corp. and its peers, leaving the Trump administration to decide how and whether to implement curbs that have encountered fierce industry opposition.
Meanwhile, The first shipments of racks equipped with Nvidia's newest chips, Blackwell, have been plagued by overheating as well as glitches involving the way the chips connect to one another, according to three people working at suppliers and two customers that have dealt with the issues, the Information reported.
Chip stocks sank in morning trading. Super Micro Computer fell 6%; Nvidia fell 5%; Micron and TSMC fell 4%; STMicroelectronics, Arm, and ASML fell 3%; Marvell Technology and Broadcom fell 2%.