(Bloomberg) — Stocks got hit as a disappointing outlook from Europe’s most-valuable tech company and concern about tighter US restrictions on chip sales spurred a selloff in the industry that has powered the bull market.
Most Read from Bloomberg
Equities dropped from all-time highs, with the S&P 500 down almost 1%. The Nasdaq 100 slipped 1.4%. A closely watched gauge of semiconductor firms saw its worst plunge since early September. US-traded shares of ASML Holding NV plummeted 16% after the Dutch giant cut its guidance for 2025. Nvidia Corp. sank 4.5% on news US officials have discussed capping sales of advanced AI chips from the company and other American firms to some countries.
Investors got so bullish that it might be time to sell global stocks, according to an investor survey by Bank of America Corp. Allocations to equities surged, while bond exposure sank and cash levels in global portfolios fell to 3.9% in October from 4.2%…
