Chip rout drags Wall Street lower as Nasdaq opens down 2.21% and S&P 500 falls 1.54%

U.S. tech shares slid sharply at the open, pushing the Nasdaq down 2.21% and the S&P 500 lower by 1.54%. Chip stocks led losses amid a global selloff, with SK Hynix down more than 12% and U.S. names including Micron, AMD, Intel and Qualcomm also under pressure. Analysts said investors are growing concerned that the AI investment boom may be overheating.