US stock AI hardware and semiconductor sectors plunge sharply, with Lumentum falling over 11%

on November 4, according to Bitget market data, the US AI hardware and semiconductor sectors collectively pulled back, with the Philadelphia Semiconductor Index dropping over 3.8%.

Optical communications, storage, and equipment giants led the decline, with Lumentum plunging over 11%, the 3x Long Semiconductor ETF (SOXL) dropping over 11%, Coherent falling over 8%, Marvell Technology declining over 8%, SanDisk falling over 7%, Seagate Technology dropping over 7%, Western Digital falling over 6%, Micron Technology declining over 5%, Intel dropping over 5%, SK Hynix falling over 4%, Arm declining over 4%, and ASML dropping nearly 4%.

Computing leaders NVIDIA, TSMC, and Broadcom each fell over 2%. Qualcomm bucked the trend to rise over 1%.