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Nvidia shares sink up to 8% as tech sell-off reignites

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Nvidia shares sink up to 8% as tech sell-off reignites

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Nvidia shares sank by as much as 8 per cent on Tuesday as a heavy sell-off in chipmaking stocks reignited ahead of a number of closely watched earnings reports from Big Tech companies this week.

The Silicon Valley chipmaker, which is the dominant provider of the powerful processors needed for building artificial intelligence systems, has fallen more than 20 per cent, cutting its market capitalisation by almost $750bn, since it briefly became the world’s most valuable publicly traded company last month.

Other chip stocks followed. Arm, the semiconductor designer that has also been a big beneficiary of investors’ enthusiasm for AI-related stocks this year, was down about 7 per cent in late-afternoon trading in New York.

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Both companies are still more than double their value this time last year, driven by a wave of capital spending by the likes of Microsoft, Google, Amazon and Meta to build out the technical underpinnings of AI.

Ahead of Microsoft’s earnings report after Tuesday’s market close, traders were fretting that profit expectations for companies involved in AI are too high and that capital spending is running far ahead of returns.

“We’ve seen money flow out of Big Tech, mostly I think because they have had an incredible run-up, and that of course gave room for a little bit of a sell-off,” Daniel Newman, chief executive of The Futurum Group, told the Financial Times. “Sector rotation, continued economic uncertainty, elections, geopolitics, and concerns around China” had all contributed to Nvidia’s fall.

The tech-heavy Nasdaq Composite index was down 1.3 per cent while the benchmark S&P 500 was 0.6 per cent lower. Shares in chipmakers AMD and Intel — which report earnings this week — were also trading lower.

“There’s a lot of angst in the market ahead of reporting,” said Emmanuel Cau, head of European equity strategy at Barclays. Apple, Amazon and Meta will also be publishing their quarterly numbers later this week.

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He added that investors were also cautious ahead of a busy few days for central banks, with interest rate decisions by the Bank of Japan, Federal Reserve and Bank of England all due.

Investors have been selling tech companies in recent weeks, pushing the Nasdaq down about 9 per cent from its peak in mid-July. The index suffered its worst day since 2022 last week after results from Alphabet and Tesla sparked investor worries about the size and timing of likely returns from the so-called Magnificent Seven tech companies’ vast investments in AI.

AI-related stocks have driven the stock market rally this year. Despite recent pullbacks, the Nasdaq and the broader S&P 500 are still ahead by roughly 14 per cent.

“Market participants used this morning’s equity gains to unload stocks in the afternoon ahead of pivotal announcements from the Fed and Bank of Japan tomorrow — and four of the Mag Seven reporting this week,” said José Torres, senior economist at Interactive Brokers.

“Bullish players will be aiming for a bright picture on the future of AI in Mag Seven earnings calls.”

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Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

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Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

Washington — President Trump on Monday said proof will be provided in court of his allegations that vandals “cut” a massive slit in the Lincoln Memorial Reflecting Pool, which he claims is the reason the paint is peeling on the recently renovated but algae-plagued project. 

In an exchange with CBS News senior White House correspondent Ed O’Keefe, Mr. Trump insisted that vandals, rather than questionable craftsmanship, are responsible for the enduring problems following the $14.7 million sealant job. The president claimed vandals cut a 350-foot slit in the pool between the World War II Memorial and the Lincoln Memorial. Five people have been arrested for vandalism related to the Reflecting Pool, and five additional individuals were issued federal citations, according to the U.S. Park Police, although neither the company behind the project nor the U.S. Park Service has said a cut slit was responsible for the peeling. 

Asked if he had proof, such as photos or video, that vandals used a knife to cut a massive slit in the pool, Mr. Trump responded: “Well, let’s put it this way, when you have a 350, I think it’s 350, not 250, when you have a 350-foot slit, from one end to the other, you think that’s proof? You think that’s proof?” 

O’Keefe noted that reporters had been to the site and found no evidence of a slit.

“Well, you’d have to go see the Parks Department. They’ll show it to you, or see, see the secretary, but I saw it,” Mr. Trump said, likely referencing Interior Secretary Doug Burgum. “They cut it, they cut it very violently. The same thing with the floor, they cut it, and then they lifted it. They pulled it, and that’s what it is.”

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After defending the project, the president said, “We also have pictures.”

O’Keefe asked the president for evidence of his claims. 

“Yeah, at the right time you’ll see it,” Mr. Trump said. “You’ll see it in court. You’ll see it in court, but all you have to do is call the Parks Department, call the Department of Interior.”

Blue coating is seen among algae in the Lincoln Memorial Reflecting Pool Sunday, June 21, 2026, on the National Mall in Washington. (AP Photo/Jon Elswick

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Jon Elswick


The president also suggested someone may have placed fertilizer in the water to create the algae that teams have been attempting to clear. 

“If you put fertilizer in the water, you get algae, but somebody said they might have put fertilizer, they did something to create the algae,” the president said, again without providing evidence for his claims.

CBS News has reached out to the National Park Service and the Department of the Interior. So far, there’s been no response.  

Atlantic Industrial Coatings, which received a no-bid contract to install the sealant on the floor of the Reflecting Pool, told CBS News there are “some areas” that “require repairs.” 

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“These areas are a very small part of the massive 7-acre project, and do not indicate a failure of the liner,” the company said. “These repairs can not be made until the pool is drained. As soon as it’s feasible for the park, the pool will be drained and AIC will be back to make those needed repairs as part of the warranty.”

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Video: The Rise of Deadly Trucks and S.U.V.s

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Video: The Rise of Deadly Trucks and S.U.V.s

new video loaded: The Rise of Deadly Trucks and S.U.V.s

A once-steady decline in pedestrian deaths in the United States has reversed, even as other countries have grown safer. Michael Keller, a New York Times investigative reporter, used crash test results, 3-D visibility scans and real-world reconstructions to explore how the boom in taller, heavier trucks and S.U.V.s has changed what happens when a person is struck.

By Michael H. Keller, Danielle Ivory, Irineo Cabreros, Eli Murray, Gabriel Blanco and Joey Sendaydiego

June 22, 2026

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Supreme Court allows a ruling that ends a tool to protect minority voters in 7 states

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Supreme Court allows a ruling that ends a tool to protect minority voters in 7 states

Demonstrators hold a sign saying “PROTECT MINORITY VOTING RIGHTS” outside the U.S. Supreme Court in Washington, D.C., in 2025.

Jemal Countess/Getty Images for Legal Defense Fund


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Jemal Countess/Getty Images for Legal Defense Fund

By declining to take up a lower court ruling, the U.S. Supreme Court has dealt another blow to the Voting Rights Act.

The court announced Monday that it will not review an Arkansas-based lawsuit, leaving in place a 2025 appeals panel ruling that ends a long-used tool for protecting minority voters from discrimination under the landmark law in seven mainly Midwestern states.

That ruling found that in the states covered by the 8th U.S. Circuit Court of Appeals — Arkansas, Iowa, Minnesota, Missouri, Nebraska, North Dakota and South Dakota — private individuals and groups do not have the right to sue to enforce what’s known as Section 208 of the Voting Rights Act, which generally allows voters with a disability or inability to read or write to get help with voting from a person of their choice.

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The Supreme Court’s move comes almost two months after its conservative supermajority issued a major ruling that further weakened the Voting Rights Act, setting off a groundswell in redistricting across the country.

In May, shortly after that undermining of Section 2 protections against racial discrimination in redistricting, the high court decided not to weigh in on what the legal world calls a “private right of action,” sending back to lower courts two cases brought by Black voters in Mississippi and Native American voters in North Dakota.

For decades, enforcement of these sections of the Voting Rights Act has mainly been driven by lawsuits by private individuals and groups.

But after conservative Justice Neil Gorsuch issued a single-paragraph opinion in 2021 questioning a private right of action, Republican officials in multiple states have raised a novel legal argument: Only the U.S. attorney general, they contend, has the right to bring lawsuits under these parts of the Voting Rights Act.

Such an interpretation of the law is likely to lead to a dramatic decline in voting rights lawsuits because of the Justice Department’s limited resources and shifting priorities under different presidential administrations.

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The case that the justices decided not to take up was brought by the immigrant advocacy group Arkansas United, which has provided Spanish-language interpreters at polling sites to assist voters with limited English proficiency. The group challenged an Arkansas law that bans a person who is not a poll worker from helping more than six voters cast ballots. In 2022, a federal judge ruled that the state law violates Section 208 of the Voting Rights Act. But after GOP state officials appealed, an 8th Circuit panel found last year that private groups, like Arkansas United, do not have the right to bring this kind of lawsuit.

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