Will the selloff in Nvidia, chip stocks extend?

Thursday marked a challenging day for much of the tech sector, particularly semiconductors. The popular Philadelphia Semiconductor Index dropped 350 basis points, with well-owned and favored stocks falling 4-6% without any significant events.

The bigger question that now looms, according to analysts at Mizuho, is the impact of the upcoming PPI data release at 8:30 am ET. If it comes in weaker, it might trigger further rotation out of semiconductors and tech. The broader sell-off and rotation out of semiconductors yesterday could be a preview of what's to come when Nvidia (NASDAQ:"Yes, that day will eventually happen. Trust me on that. No clue how soon and what quarter. Not likely in CY24, or even early CY25 in my view,” analysts at Mizuho added.

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