The Philadelphia Semiconductor Index (SOX) fell 16% over eight consecutive sessions, marking its longest losing streak since October 2008. All 30 stocks in the index declined on the final day, with Arm Holdings dropping roughly 7% and Broadcom, Micron, AMD, Intel, Lam Research, and KLA each shedding about 5%. More than $1 trillion in market capitalization was erased, while short sellers reportedly booked an estimated $32 billion in paper gains over seven days. CoreWeave’s sharp decline and bond yields climbing above 15% highlighted financing concerns in the AI cloud sector, rather than any weakness in actual chip demand showing up in earnings reports.
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