New Delhi, May 12 -- Marvell Technology, Intel, Micron Technology, and other chip stocks, which had powered the recent rally in the US stock market, came under sharp selling pressure on Tuesday, 12 May, as a hotter-than-expected inflation report and stalled efforts to resolve the Middle East conflict weighed on investor sentiment.

Leading the losses was Qualcomm, which plunged 15% to $202.50 apiece. It was followed by Intel, Micron Technology, Marvell Technology, and Advanced Micro Devices, all of which fell over 6%. NVIDIA, now the world's most valuable company, was also down 1.6%.

The latest US economic data showed that the annual inflation rate in the US accelerated to 3.8% in April 2026, the highest level since May 2023, compared to...