The S&P 500 fell 1.2%, the Nasdaq 100 slid 2.1% and the Dow was down about 0.7% as a sharp reappraisal of stretched tech and chip valuations drove a broad rotation. The selloff was concentrated in AI and semiconductor names, with Nvidia down roughly 4.2%, Broadcom and Micron falling close to 6%, and KLA off about 6% amid renewed uncertainty around the scale and timing of large AI investments. The move was reinforced by a firmer US yield backdrop, with higher long-end rates raising discount rates for long-duration growth assets and accelerating profit-taking after January’s outsized gains. Earnings amplified volatility, with Intuit down around 10.8% and PayPal plunging nearly 20% following results and management changes. In contrast, Palantir climbed nearly 5.5% on a stronger outlook, while results from Merck boosted their shares 2.5% for a positive session for pharmaceuticals.