Semiconductor stocks tumbled on September 14 after executives at Anthropic, OpenAI, and xAI called for caution in frontier AI development. NVIDIA fell roughly 3.4%, while AMD, Broadcom, and Intel dropped between 4% and 6%, with the PHLX semiconductor index sliding 5.9% in a single session. BofA Global Research projects combined capital spending from Microsoft, Alphabet, Amazon, Meta, and Oracle will reach approximately $795 billion in 2026, climbing to nearly $1.08 trillion in 2027. NVIDIA reported data-center revenue of $89 billion for the quarter ending August 2026, up 117% year-over-year, with guidance calling for roughly 70% revenue growth in fiscal 2028. Analysts noted that a slower AI development pace could extend the useful life of existing hardware and stretch upgrade cycles, potentially supporting chip valuations.
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