NASDAQ HITS TWO-WEEK LOW IN MEGACAP TECH, CHIP STOCKS ROUT

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.

AI-chip favorite Nvidia fell 4.3%, while ASML's U.S.-listing slumped 9.2%. U.S.-listed shares of Taiwan Semiconductor Manufacturing shed 6.4% after Republican presidential candidate Donald Trump said Taiwan should pay the U.S. for its defense.

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