AIThe Next Webabout 2 hours ago
Semiconductor stocks drop 12% as investors rotate to enterprise software
1 min read
The PHLX Semiconductor Index sank roughly 12% over two sessions while Micron Technology, SK Hynix suppliers ASML and KLA, plus Applied Materials fell between 5% and 6%. Investors rotated from AI chip makers toward enterprise software companies like ServiceNow, Snowflake, and Palantir after a weak June nonfarm payrolls report showed just 57,000 jobs added. The iShares Expanded Tech-Software ETF rose 35% as the market repriced expectations for revenue generation beyond Nvidia's infrastructure spending of over $650 billion in fiscal 2026.
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