Global Memory-Chip Stocks Plunge on AI Doubts

A selloff in semiconductor stocks deepened Tuesday as concern grows over the sustainability of the artificial intelligence spending boom.

Shares of memory-chip makers plunged as much as 30%, with a report that a Chinese state-backed company has begun mass producing immersion deep ultraviolet lithography machines fueling fears of rising competition.

The rout dragged Asian and European tech stocks sharply lower, with AMD sinking 8%, Marvell dropping 7%, and Intel falling 6%.

Corning tumbled 18% after earnings, leading a broader decline in optical stocks, as the market narrows its AI chip focus to NVIDIA.