Investing.com — Shares in ASML Holding (AS:) and STMicroelectronics (EPA:) were among the biggest losers on the pan-European on Wednesday, following a sharp slump in shares in US peer Nvidia (NASDAQ:).
By 05:11 ET (09:11 GMT), Amsterdam-listed shares in ASML had shed more than 5%, weighed down in part by analysts at UBS downgrading their rating of the Dutch semiconductor group to “Neutral” from “Buy.” Meanwhile, STMicro had dipped by over 2.5% in Paris trading.
Nvidia’s share price fell by more than 9% on Tuesday, shedding around $279 billion in market value off the firm that has been the focal point of a recent boom in enthusiasm around the applications of AI.
Other chip stocks, including Advanced Micro Devices (NASDAQ:), Intel (NASDAQ:) and Broadcom (NASDAQ:), also suffered major losses.
Sentiment was dampened by weaker-than-expected results from the Institute for Supply Management’s monthly measure of US manufacturing activity, which stoked fears of a potential slowdown in the world’s largest economy.
The growth concerns drove the steepest selloff in a month on Wall Street overnight as US investors returned from their Labor Day holiday. The main European indices also weakened on Wednesday, mirroring sluggishness in Asian equities.
