The PHLX Semiconductor Index, known as the SOX, closed Friday below its 200-day moving average for the first time since May 2025. It now stands roughly 40% below its June 22 high of 14,634 points after a broad wave of selling unwound crowded positions in semiconductor and AI stocks. The break below a closely watched technical level could lead funds and traders following trend-following strategies to reduce their exposure. The decline comes as investors increasingly question whether the large technology companies’ spending on data centers will generate sufficient returns.
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