The Nasdaq Composite index has entered correction territory as the tech-laden market index is now down more than 13% from the highs it achieved on Dec. 16 last year, and this souring market sentiment can be attributed to recent economic developments that have led investors to become risk averse.

Taiwan Semiconductor Manufacturing has pitched Nvidia and rival chip designers Advanced Micro Devices and Broadcom the idea of taking stakes in a joint venture to operate Intel’s chip-fabrication operations,