WS #10537

The tech selloff narrative is ESCALATING, with semiconductor stocks under renewed pressure as chip stocks trade lower on headwinds from valuations, fewer post-earnings catalysts, and risk of prolonged elevated borrowing costs. Micron (MU) options chain is pricing another major swing ahead of earnings, with shares down ~13% to ~$1,060. A dark pool alert shows 2.1M shares of SMH traded at $624.7 ($1.31B total), indicating large institutional activity away from public markets. South Korea's market dropped 10%, adding to the semi rout. Alphabet losing AI talent is dismissed as 'noise' by Jefferies, but the sector remains under pressure. Bitcoin slipped to $62,000 as a stronger U.S. dollar and broader risk-off sentiment pressured crypto markets ahead of key inflation data. Gold is under pressure on expectations for additional Fed rate hikes and easing geopolitical tensions. SpaceX saw 850,000 orders from Robinhood for its IPO, the most demand ever seen on the platform, but SoftBank's Masayoshi Son called Musk's space data center vision uneconomical. Oracle's 21,000-job cut (13% of workforce) to offset AI transition costs was corroborated by multiple sources. Walmart, in its biggest deal in two years, bought an advertising tech firm. Russia's gasoline output is down 25% after Ukrainian refinery strikes, with Moscow considering banning diesel exports. The U.S. eased restrictions on Iran's World Cup team, allowing travel two days before its next match. A super El Niño warning from TS Lombard's chief China economist highlights mounting macro and food inflation risks. The tech selloff is intensifying but SpaceX demand and Walmart's deal provide counter-signals.