US Chip Index Falls Into Bear Market, Raising AI‑Spending Concerns
The Philadelphia Semiconductor Index slid nearly 2% Friday, plunging over 20% since its June peak and officially entering bear‑market territory. The drop was sparked by a new, massive AI model from China's Moonshot and mounting doubts over the sustainability of hyperscaler AI capex, prompting a broad tech sell‑off across U.S., Asian and European markets.