US chip stocks tumbled on Thursday as fresh doubts surfaced over the sustainability of the AI spending boom.

The selloff, which hit firms like Broadcom and Micron Technology, comes after a historic rally for semiconductor stocks.

“We’re due for a rest,” one strategist said, adding that markets are often “two steps forward, one step back. We’ve had three steps forward, so maybe at least a mini step back, or at least some sideways chop.”

Shares of other companies powering the AI ecosystem, though, rose this week after Nvidia CEO Jensen Huang complimented them on stage — it’s a new spin on the “Trump bump,” which has boosted shares across companies favored by the US president.