Broadcom (AVGO.US)'s performance triggers a selling frenzy, chip stocks evaporate $1.3 trillion in two days, Philadelphia Semiconductor Index sees its largest single-day decline since the outbreak of the COVID-19 pandemic.

According to the Wise Finance APP, US chip stocks encountered large-scale selling on Friday, with artificial intelligence (AI) concept stocks collectively plummeting due to a double blow from Broadcom's (AVGO.US) earnings guidance failing to meet market expectations and a hawkish interest rate outlook. The total market value evaporated by about $1.3 trillion in two days.