One day after a historic rally on Wall Street, semiconductor stocks resumed a deep slide on Thursday, led by sharp drops in Broadcom (NASDAQ:AVGO) and Nvidia (NASDAQ:NVDA).

Broadcom fell 7% shortly before midday, while Nvidia (NASDAQ:NVDA) fell more than 5%. Only 24 hours prior, shares of both companies rose more than 10% as President Trump agreed to pause most tariffs for 90 days while his administration works on trade deals with most countries.

Separately on Wednesday, it was reported that the White House had stepped back from banning all of Nvidia's H20 GPUs to China, which had previously been under consideration.

Other semiconductor stocks also saw sharp drops in selling on Thursday, including AMD (AMD), Intel (INTC), Marvell (MRVL) and Texas Instruments (TXN), which fell 8%, 7%, 12% and 8.5%, respectively. Qualcomm (QCOM), Micron Technology (MU), and Analog Devices (ADI) all fell 6% or more shortly before noon.

The widely watched Philadelphia Semiconductor Index (SOX) sank 8.5%, broadly in line with a number of its components.

Some analysts have expressed concern that the tariffs implemented by President Trump have upended the global tech supply chain and could lead to many companies withholding guidance during the upcoming earnings season.