The S&P 500 slipped 0.19% to 7,398.19 today, dragged down almost entirely by chips.
The Philadelphia Semiconductor Index fell 3.59%. AMD lost more than 7%. Micron dropped over 6%. The culprit: growing doubts that AI demand from Big Tech can stay as strong as it's been, plus rising competition from Chinese chipmakers.
The Dow actually edged up, and the Nasdaq slipped a milder 0.5% — so this looks more like a semiconductor-specific reset than a broad market panic.
All eyes now turn to Big Tech earnings for real signals on whether AI spending is slowing or just pausing.
Is this a healthy correction after months of gains, or the start of something bigger?