US chip index on pace for biggest weekly drop in over 15 months as AI rally fizzles out
SMH•U.S. chip index on pace for biggest weekly drop in over 15 months
** Shares of U.S. semiconductor-related companies drop, with the Philadelphia SE Semiconductor index .SOX set for a 12.5% decline for the week, its biggest weekly fall since March 2025.
** The index also falls more than 20% from its all-time closing high.
** Chipmakers globally are under pressure as investors assess the durability of the artificial intelligence-driven rally.
** Chinese AI startup Moonshot unveils the world's largest open AI model, closing in on U.S. rivals.
** Nvidia NVDA.O falls 3.9%, with Apple AAPL.O overtaking it to become the world's most valuable company.
** Advanced Micro Devices AMD.O is down 7.5%, Intel INTC.O sheds 6.4%, Broadcom AVGO.O drops 3.7%, Marvell Technology MRVL.O off 3.9%, and Qualcomm QCOM.O down 1.6%.
