Nvidia and other chip stocks have experienced significant declines, with Nvidia's shares falling 10% in a single day, marking its biggest drop since March 2020 and down 20% from its all-time high. This downturn is part of a broader correction in the semiconductor industry, influenced by a revised market outlook from TSMC, which noted a slower recovery in the smartphone and PC markets than expected. The S&P 500 and Nasdaq also suffered losses, recording their sixth consecutive daily decline, with the S&P 500 down 300 points from its March 28th all-time high. TSMC's announcement led to a 6.1% drop in its shares after the company adjusted its growth expectations for the global chip market.