The broader market sentiment soured as Intel, Applied Materials, Corning, and Advanced Micro Devices posted significant losses. Concerns in the sector were compounded by the emergence of a new model from China's Moonshot AI, which claims to surpass the performance of established U.S. systems. Beyond the chip sector, Netflix shares tumbled roughly 11% after the company issued a cautious outlook regarding growth for the third quarter.
In section Market Quotes
Chip Stocks Lead Market Slide as AI Spending Doubts Mount
A deepening selloff in semiconductor stocks dragged the Nasdaq composite down 1% today, as investors reassess whether massive capital expenditures on artificial intelligence can support current market valuations. The decline follows a volatile session in Asian markets and a sharp retreat in shares of major industry players.
Global markets mirrored this instability, with Japan’s benchmark index falling 4% and Taiwan’s index plunging 6.5% during earlier trading sessions. While equities struggled, energy markets moved in the opposite direction; Brent crude futures climbed above $86 a barrel amid persistent geopolitical friction between the United States and Iran.
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