Chipstocks Drop as AI Weakness and Fed Rate Concerns Hit Nasdaq

Nasdaq Composite falls 2.52% to 25,246.14 amid AI weakness and rising interest rate fears. Apple drops 3.65% after 'Apple Intelligence' underperformed; Micron, Qualcomm, AMD decline as semiconductor stocks fall. Redwire plunges 17.77% on $500M at-the-market equity plan. Citigroup, Bank of America, Wells Fargo warn of market risk due to high valuations and weak consumer confidence.