(Bloomberg) — Stocks got hit as disappointing earnings from Europe’s most-valuable tech company and concern about tighter US restrictions on chip sales spurred a selloff in the industry that has powered the bull market.
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A closely watched gauge of semiconductor firms saw its worst plunge since early September, dragging down equities from record highs. US-traded shares of Dutch giant ASML Holding NV plunged 17% after a surprise guidance cut. Nvidia Corp. lost 5% on a news report US officials have discussed capping sales of advanced AI chips from the company and other American firms on a country-specific basis.
Investors got so bullish that it might be time to sell global stocks, according to an investor survey by Bank of America Corp. Allocations to equities surged, while bond exposure sank and cash levels in global portfolios fell to 3.9% in October from 4.2%…
