Semiconductors just posted their sharpest two-day slide since March 2025. The overbought signal that defined the rally has reset.

The Philadelphia Semiconductor Index surged roughly 74% in Q2 2026, its best quarter ever, driven by AI demand. But stretched valuations raise

The SOX semiconductor index is up 94% in 2026, tracking its best year since 1999. Analysts say it's too early to call a top despite a sharp June pullback.