The AI trade, which carried markets through much of the past two years, is having a rough week. The S&P 500 and Nasdaq are both on track for weekly losses, with the damage concentrated almost entirely in one sector: semiconductors.
The semiconductor selloff, by the numbers
Nvidia closed down 4.2% at roughly $200 on June 25, landing it the dubious honor of worst performer in the PHLX Semiconductor Index year-to-date.
Earlier in June, Nvidia shed over $300 billion in market capitalization during a concentrated AI-chip selloff, a loss roughly equivalent to wiping out entire large-cap companies in a matter of days.
AMD did not escape the carnage either. Shares fell as much as 5.8% in a single session and dropped sharply from a mid-June high of $542.52 down to around $452.40.
