Chip stocks see significant decline, on track for the largest single-day drop since October last year

The share prices of chip companies saw a significant decline on Friday. A semiconductor index from a certain exchange dropped as much as 6%, potentially marking the largest single-day percentage decrease since October last year. Notable stocks with pronounced drops included: NVIDIA fell 2.3%, Intel fell 5.6%, Broadcom fell 4.1%, AMD fell 5.4%, Arm Holdings fell 8.7%, Micron fell 6%, Applied Materials fell 5.4%, Marvell fell 7.5%, Qualcomm fell 5.1%, and the U.S.-listed shares of TSMC fell 3.8%. After the latest employment report was released, technology stocks as a whole declined. The report further fueled speculation in the market that the next move by the Federal Reserve might be an interest rate hike.