Chip stocks are experiencing their longest losing streak since May 2025, with the iShares Semiconductor ETF (SOXX) falling for five consecutive trading sessions. On October 8, the SOX index dropped 3.4% after OpenAI’s revenue run rate came in at approximately $50 billion, below market expectations of $70 billion. Of the 30 components in the SOX index, 22 are now trading more than 20% below the record highs they set in May or June 2026. Broadcom CEO Hock Tan compared AI speculation to “casino gambling” in a blunt warning to investors. Despite the pullback, the SOX remains up more than 70% year to date.
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