Semiconductor, hardware, and artificial intelligence-linked stocks led by Nvidia Corp (NVDA  ) are down as the sector continues to pull back.

AI stocks led by Nvidia, Advanced Micro Devices, Inc (AMD  ), and Taiwan Semiconductor Manufacturing Co (TSM  ) selloff continue their downward price trajectory as the Nvidia and Broadcom Inc (AVGO  ) quarterly prints failed to impress the Street.

Broadcom released its third-quarter earnings on Thursday. The topline grew 42% to $13.07 billion in the third quarter, topping the analyst estimate of $12.96 billion. The chipmaker expects fourth-quarter revenue of $14 billion, above the analyst consensus of $12.70 billion. The adjusted gross margin grew by 110 bps sequentially and 230 bps year-on-year to 77.4%.

JPMorgan analyst Harlan Sur projected upside, citing robust AI growth, VMware momentum, and recovery in traditional semiconductor sectors.

Last week, Nvidia's second-quarter topline grew 122% to $30.04 billion, surpassing the analyst estimate of $28.68 billion. It expects third-quarter revenue of $31.85 billion-$33.15 billion versus the analyst consensus of $31.77 billion. The adjusted gross margin declined 320 bps sequentially and grew by 450 bps year-on-year.

BofA Securities analyst Vivek Arya maintained a bullish outlook backed by data center and AI training demand and supply chain recovery.

VanEck Semiconductor ETF (SMH  ), which tracks the overall performance of the 25 largest U.S.-listed companies that produce semiconductors, including Nvidia, Taiwan Semiconductor, Broadcom, and AMD, has been down 12% in the last five days. iShares Semiconductor ETF (SOXX  ) fell 12% in the previous five days.

Nvidia has been down 15% in the last five days. AMD lost over 10%, and Taiwan Semiconductor lost 8%. The selloff refused to subside despite assurances from contract chipmakers like Taiwan Semiconductor and Samsung Electronics regarding sustained AI demand.

ProShares Ultra Semiconductors (USD  ), which corresponds to two times (2x) the daily performance of the Dow Jones U.S. Semiconductors Index, lost 26% in the last five days.

ETFs with exposure to riskier indexes noted volatility during the period. ProShares UltraShort Semiconductors SSG, which corresponds to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Semiconductors Index, gained 28% in the last five days.

The ETFs tracking broader indexes like the S&P 500 and NASDAQ saw relatively lesser value losses due to Big Tech stocks like Apple Inc (AAPL  ), Amazon.Com Inc (AMZN  ), Microsoft Corp (MSFT  ).

SPDR S&P 500 ETF Trust (SPY  ), which tracks the S&P 500 stock market index, including Big Tech stocks, lost 3.5% in the last five days. Invesco QQQ Trust, Series 1 (QQQ  ), which tracks the NASDAQ index, lost 5% in the last five days.