Chip Crash Wipes Out Nasdaq Gains Despite TSMC Record

The Nasdaq composite index fell sharply on Wednesday, as a broad slump in semiconductor stocks erased gains from a record-setting performance by Taiwan Semiconductor Manufacturing Co. (TSMC). The decline in chip shares outweighed TSMC’s better-than-expected earnings report, which had initially boosted market sentiment. In other trading, UnitedHealth Group rose after reporting blowout quarterly earnings, providing a rare bright spot in the health-care sector. Meanwhile, SpaceX shares fell below their initial public offering (IPO) price for the first time, signaling investor caution over the space company’s valuation and growth outlook.