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Chip stocks are bounding back Monday, but the rebound doesn't mean tech investors are in the clear.

The PHLX Semiconductor Index (SOX)

suffered its fifth-largest single-day decline in history. When a sector that has effectively anchored the entire macro tech narrative moves with that kind of violence, we shouldn't treat it as routine noise. To understand the gravity of Friday's move, you have to look at the other four instances on this infamous leaderboard:

And now, we add last Friday to the list.