US tech stocks slumped on Friday as a sharp decline in Broadcom’s shares following the chipmaker’s earnings reignited investors’ nervousness about high valuations in companies linked to the artificial intelligence boom.
The tech-heavy Nasdaq Composite closed 1.7 per cent lower. Broadcom tumbled 11.4 per cent after investors were disappointed with the group’s outlook, stripping about $220bn from its market value.
The S&P 500 dropped 1.1 per cent after closing at a record high on Thursday.
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