AI tech stocks slump as Apple becomes second firm to top $5T market cap
The three main US indexes fell on Oct. 14 local time: the Nasdaq dropped 1.3%, the S&P 500 about 1% and the Nasdaq 100 1.5%, while the Philadelphia Semiconductor Index plunged 4.3% for its longest six-session losing streak since May 2025, with a cumulative decline of more than 12%. AI tech shares were hit broadly, with CoreWeave down about 15% and Dell down 10%, alongside sharp declines in memory chip and optical communications names. Apple was one of the few tech gainers, closing above a $5 trillion market capitalization for the first time to become the second company after Nvidia to reach that milestone. South Korea's KOSPI fell more than 7% and briefly triggered a circuit breaker, while Japan's Nikkei 225 lost over 4%.
The broad selloff shows AI compute and hardware stocks absorbing concentrated valuation pressure, even as Apple's milestone highlights divergence within the AI trade.