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 PHLX Semiconductor Index doubled in 2023, hitting levels last seen before the dotcom bubble burst in 1999, fueling fears of an AI-driven market bubble.