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The market value of constituents in the Philadelphia Semiconductor Index is projected to shrink by over USD 1 trillion amid concerns over rising interest rates, overvaluation, and the enormous costs of AI infrastructure. The index fell by as much as 3.1%, with a cumulative decline of approximately 10% over six trading days. More than half of the constituent stocks dropped by at least 10%, with only GlobalFoundries Semiconductor seeing gains. A research report from UBS suggests that this decline represents a market expectation adjustment rather than a shift in AI investment logic. Recently, global AI-themed trades have faced sell-offs, with Broadcom warning of potential financing constraints in the industry. September's inflation data exceeding expectations has strengthened expectations of a Federal Reserve rate hike, further intensifying pressure on chip stocks.
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