New Delhi, Nov. 5 -- Chip stocks came under renewed selling pressure in Thursday's trade, extending previous day sell-off, with AMD, Arm Holdings, Qualcomm, Micron Technology and Sandisk leading the declines.

The stocks fell between 9% and 17% amid concerns that a Democrat-led Congress could push for tighter restrictions on artificial intelligence (AI) infrastructure and data centre development. Disappointing reactions to earnings and business outlooks from Arm Holdings and Qualcomm added to the selling pressure.

Qualcomm shares plunged 14% after investors were disappointed with the company's profit forecast, while Arm Holdings (ARM) dropped 15% after the chip designer's revenue guidance failed to impress Wall Street.

Micron Technology...