Broadcom (NASDAQ:AVGO) closed at $326.02, down 4.48%, with trading volume reaching 73 million shares. The S&P 500 fell 1.15% to 6,722, while the Nasdaq Composite lost 1.81% to close at 22,694. Nvidia slid 3.81% and Intel dropped 3.38%, reflecting pressure on major AI-focused chipmakers.

Investors are concerned about AI chip profitability and Chinese competition. Reports of a breakthrough in China’s semiconductor project added to worries. Questions around AI infrastructure funding and news that Blue Owl Capital may not back the Oracle project are impacting investor sentiment.

Stock Advisor reveals the 10 best stocks to buy right now, with a total average return of 968%. Howard Smith has positions in Broadcom, Intel, and Nvidia, with options on Nvidia and Intel. The Motley Fool recommends Intel, Nvidia, Oracle, and Broadcom, with a disclosure policy in place.

Read more at Nasdaq: Stock Market Today, Dec. 17: Broadcom Drops on China AI Chip Breakthrough and AI Buildout Uncertainty