The S&P 500 and the Nasdaq dropped on Thursday, as Broadcom's revenue miss pressured chip stocks, while equity investors paused after a record-setting rally lifted all three indexes to fresh highs.
Broadcom shares slumped 15% after the chipmaker also stuck to its long-range forecast of $100 billion in sales from its AI chips. The stock has climbed nearly 55% this quarter and could shed nearly $350 billion in market value if losses hold through the session.
