The Philadelphia semiconductor index (SOX) has plunged more than 22% this month, marking its sixth worst month ever as concerns about circular financing, international competition and the staying power of the AI investment cycle weigh on the market. The $250 billion agreement between Nvidia and OpenAI for space in a new $500 billion data center in Ohio has reignited analyst fears that the correction may not be over yet. The rise of Chinese competitors in photolithography machine manufacturing and growing AI-related debt are also fueling investor concerns.
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