Nvidia stock continued its weeklong slide on Friday, pulling the Philadelphia semiconductor index, known as SOX, lower.

The Nasdaq fell 2.2% and the S&P 500 dropped 1.4% as semiconductor stocks sold off amid growing concerns about hyperscaler AI spending sustainability.

Tony Zhang of OptionsPlay says Nvidia trades at a discount to the semiconductor sector, with forward P/E multiples of 22-25x near the $200 support level.

Nvidia's performance relative to the SOXX semiconductor ETF is declining as investors broaden AI bets to Micron and Broadcom.

Nvidia stock continued its weeklong slide on Friday, pulling the Philadelphia semiconductor index, known as SOX, lower.

Nvidia fell 4.2% to $200, AMD dropped from $542 to $452, and Micron slid 9-11% as semiconductor weakness dragged the S&P 500 and Nasdaq toward weekly