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US Chip Stocks Set to Wipe Out $2 Trillion after Latest Selloff
US semiconductor stocks are set to lose $2 trillion in market value in the steep selloff since last week, driven by rising interest-rate hike bets and concerns over the cost of the AI buildout. News source: Google / https://www.channelnewsasia.com/ US semiconductor stocks were set to lose $2 trillion in market value on Thursday, extending a brutal selloff that has wiped out $1.64 trillion over the past six sessions, according to Reuters. The Philadelphia SE Semiconductor index was last down 3.3%. The selloff has been driven by a combination of factors. Hotter-than-expected September inflation data has raised fears that the Federal Reserve may raise interest rates further, making borrowing more expensive for the capital-intensive AI infrastructure buildout. Rising Treasury yields, which recently reached 24-year highs, have added to the pressure. The AI Spending Question Investors are increasingly questioning whether companies borrowing heavily to build AI data centers can generate enough cash to service their debts. CoreWeave, a specialized AI cloud provider, saw its bond yields approach 15%, signaling that lenders are demanding greater compensation for funding the AI exp...
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