3 min read3 sourcesBearish
The $2 Trillion Chip Sell-Off Hits a Make-or-Break Level
Semiconductor stocks have shed roughly $2.1 trillion in market value since their June 22 peak, a median drop of about 21%, and the group has now fallen to a technical line that chart-watchers call make-or-break: around 11,950 on the PHLX Semiconductor Index (SOX). Hold it and the sell-off can still be read as a healthy retest that bounces toward 13,000; lose it and the chart points sharply lower, with the next stop near 11,000. Memory chips are the epicenter, with Samsung, Micron and SK Hynix down 25% to 30% from their highs, while Nvidia has erased about $1 trillion in under two months as investors rethink the AI trade.
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