๐ Chips in Bear Market: $SOXX -22%, $AMD -5%, $NVDA -3% as AI trade unwinds this week
The iShares Semiconductor ETF ($SOXX) officially entered bear market territory this week, dropping 22%+ from its late June record high โ AMD fell 5%, Intel slid 4%, and NVIDIA lost 3% on Friday before trimming losses, with the sector shedding ~$3.3 trillion in market cap since June 22. The catalyst: growing fears that AI hyperscalers may scale back infrastructure spending, amplified by Chinese startup Moonshot launching Kimi K3, reportedly the world's most powerful open AI model. Big test ahead: Alphabet ($GOOGL) and Tesla ($TSLA) both report earnings Wednesday and could reset the entire AI trade narrative. Not financial advice. Are you buying the chip dip here or waiting for Alphabet's capex plans before making a move?