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US technology and semiconductor chipmaking stocks fell from all-time highs as concern over tougher restrictions on global chip sales to China spurred a rout in the industry that has powered the bull market. The Nasdaq slumped nearly 2% to a two-week low on Wednesday, accompanied by losses on the S&P 500, as major chip and tech stocks were pressured by the prospect of tighter U.S. trade curbs on companies giving China access to advanced semiconductor technology.
The $24 billion VanEck Semiconductor exchange-traded fund lost 4%. Nvidia Corp., Advanced Micro Devices Inc. and Broadcom Inc. tumbled. ASML Holding NV sank 8%, even after the Dutch company reported strong orders in the second quarter. Tokyo Electron Ltd. led a slide in Japan’s Nikkei 225 Stock Average.
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