The Philadelphia Semiconductor Index fell as much as 2% in early trading, with Arm (ARM.O) down 4.3%, Intel (INTC.O) down 3.5%, Broadcom (AVGO.O) and Qualcomm (QCOM.O) down more than 2%, AMD (AMD.O) and Micron Technology (MU.O) down nearly 2%, and Nvidia (NVDA.O) down 1.4%.