Philadelphia Semiconductor Index Plunges 4.5% on July 24 as AI Spending Concerns Grow

NDAQ1.81%
INTC-7.90%
MU-7.07%
AMD-3.29%
US500-0.15%
On Friday, July 24, the Philadelphia Semiconductor Index plummeted 4.5%, with the Nasdaq falling 0.64%, as investors dumped chip stocks amid mounting concerns over artificial intelligence capital expenditure. The selloff was triggered after Alphabet announced a significant increase to its capex plan earlier in the week, raising questions among market participants about the long-term profitability of massive AI infrastructure investments. Intel dropped 7.9%, Micron fell 6.99%, and AMD declined 3.29%. The S&P 500 gained marginally at 0.05%, supported partly by a 3% decline in crude oil prices.
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