Add Axios as your preferred source to

see more of our stories on Google.

Investors are rethinking their fondness for AI picks and shovels: the chipmakers, particularly memory makers, that make up the backbone of the new tech buildout.

Why it matters: The chip stock frenzy pushed the U.S. market to all-time highs earlier this year.

By the numbers: Now, you can see the pullback across a bunch of indicators — broad and narrow.