Rita NazarethJul 18, 2026 – 5.45amA sell-off in chipmakers gathered pace, sending the group that has led this year’s stock rally to the edge of a bear market on worries that the artificial-intelligence spending spree is becoming harder to justify.This week’s semiconductor tumble is set to be the worst since April 2025, with a key industry gauge sinking nearly 20 per cent from a record. A breakthrough from Chinese AI startup Moonshot dented enthusiasm for the sector, which also joined broader equity losses amid geopolitical tensions. The Nasdaq 100 lost 1.3 per cent. Oil jumped as the US and Iran traded attacks again on Friday.BloombergSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles