S&P 500 falls 4%, Nasdaq 100 drops 6% as chip stocks plunge

The severity here is in the internals, not the headline index moves: an 11% slide in the semiconductor index and a 20% single-stock drop point to concentrated, forced selling in the AI-adjacent trade that has carried the market. The flight to short-dated Treasuries and the yen simultaneously suggests this is being read as a growth and positioning shock rather than an inflation one. Whether the chip complex stabilizes on its own, or drags the broader tape with it, is the open question worth watching.