WS #12280
US semiconductors are on track for worst week in over 15 months, with the Philadelphia Semiconductor Index down 11% this week, driven by AI spending sustainability concerns and rotation from chip stocks to hyperscalers. Netflix shares plunged ~11% after weak guidance, now down 50% from its peak, adding to tech weakness and streaming competition fears. Apple surpassed Nvidia as the world's most valuable company ($4.88T vs $4.84T) as investors rotate from AI infrastructure plays to companies better positioned to monetize AI through services and hardware upgrades. China's Moonshot AI claims its Kimi K3 model competes with US frontier models at lower cost, adding to AI competition fears and contributing to the semiconductor selloff. Saudi PIF is set to win EU approval for its Electronic Arts deal under subsidy rules, according to Reuters exclusive.
Tech and semiconductor selloff
US semiconductors are on track for worst week in over 15 months, with the Philadelphia Semiconductor Index down 11% this week, driven by AI spending sustainability concerns and rotation from chip stocks to hyperscalers.
Netflix shares plunged ~11% after weak guidance, now down 50% from its peak, adding to tech weakness and streaming competition fears.
Apple surpassed Nvidia as the world's most valuable company ($4.88T vs $4.84T) as investors rotate from AI infrastructure plays to companies better positioned to monetize AI through services and hardware upgrades.
China's Moonshot AI claims its Kimi K3 model competes with US frontier models at lower cost, adding to AI competition fears and contributing to the semiconductor selloff.
Saudi PIF is set to win EU approval for its Electronic Arts deal under subsidy rules, according to Reuters exclusive.