Morning Wrap: ASX 200 to rise, Dow hits record as Broadcom rocks the AI trade | Chip stocks drop …

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Chip stocks drop as AI rally shows ‘signs of fatigue’, as SpaceX’s huge IPO looms – as it happened

Technology shares prices are falling at the start of trading in New York, after chip giant Broadcom failed to impress Wall Street last night.

The Nasdaq share index has dropped by 1.08% in early trading, as the recent strong rally in tech stocks hits a hurdle.

This is not a great backdrop for SpaceXâs plans for the largest stock market flotation ever, announced last night.

Broadcom are leading the Nasdaq fallers, down 14.3% as its latest outlook for AI sales missed forecasts.

Last night, Broadcom estimated AI chip sales for the third quarter of its financial year would be $16bn, below analystsâ estimates of $17.2bn.

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