Tech stocks tumbled Thursday as investors sold the news following blockbuster results from Nvidia Corp. (NASDAQ:NVDA), dragging the broader semiconductor space lower despite upbeat guidance from the world's largest company.
Santa Clara, California-based Nvidia slumped 4.5% during midday trading in New York — on track for its worst day since October 2025. Adding to the cautious tone, “Big Short” investor Michael Burry warned that Nvidia's purchase commitments resemble those seen at the peak of the dot-com bubble by Cisco Systems Inc. (NASDAQ:CSCO).
The pullback spread across chipmakers. Broadcom Inc. (NASDAQ:AVGO) dropped 6% while Advanced Micro Devices Inc. (NASDAQ:AMD) lost 4%.
Each of the Magnificent 7 names traded lower, wiping out roughly $400 billion in market capitalization.
By midday in New York:
- The S&P 500 was down 0.9%
- The Nasdaq 100 fell 1.6%
- Dow Jones slipped 0.3% and
- The Russell 2000 lost 0.5%.
The CBOE Volatility (VIX) index — also known as the market’s fear gauge — rallied over 10%, on pace for its best session in two weeks.
Sector performance was mixed. Energy outperformed, rising 0.8%, while technology led declines with a 2% drop. Financials added 0.4%, while materials fell 0.8%.
In commodities, gold was up 0.3% to $5,180 per ounce, while silver fell 2.8% to $86 an ounce. Crude oil rose 1.3% to $66.5 a barrel.
In crypto markets, Bitcoin (CRYPTO: BTC) slumped 1.9% to $66,775, partly reversing Wednesday’s 6% gain.
Thursday's Performance In Major US Indices, ETFs
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) fell 1.01% to $631.11.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.37% to $492.98.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) fell 1.61% to $606.75.
- The iShares Russell 2000 ETF (NYSE:IWM) traded 0.59% lower to $263.02.
- The Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 2.0%; the Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 0.8%.
Thursday’s Earnings Movers
Among earnings movers, Paramount Skydance Corp. (NASDAQ:PSKY) rallied more than 10% despite weaker-than-expected results, as prediction markets speculate the company could outbid Netflix Inc. (NASDAQ:NFLX) for Warner Bros. Discovery, Inc. (NASDAQ:WBD).
Universal Health Services Inc. (NYSE:UHS) plunged over 10% after revenue slightly missed estimates, marking its worst session since April 2022.
Other earnings movers included:
Russell 1000's Top 5 Gainers And Losers On Thursday
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