WS #12234
PHLX Semiconductor Index nears bear market territory; Nasdaq falls 1.5% on chip stock declines; TSMC strong earnings fail to lift sector. Netflix reported Q2 earnings in line but Q3 revenue guidance of $12.86B (below $13B consensus) and operating income below estimates, sending stock down ~7% after hours. Alphabet fell 4%+ on reports of a delay in Gemini 3.5 Pro launch due to performance issues, intensifying AI competition concerns.
Tech Selloff and Semiconductor Weakness
PHLX Semiconductor Index nears bear market territory; Nasdaq falls 1.5% on chip stock declines; TSMC strong earnings fail to lift sector.
Netflix reported Q2 earnings in line but Q3 revenue guidance of $12.86B (below $13B consensus) and operating income below estimates, sending stock down ~7% after hours.
Alphabet fell 4%+ on reports of a delay in Gemini 3.5 Pro launch due to performance issues, intensifying AI competition concerns.