The Philadelphia Semiconductor Index’s seven-session drop was projected to wipe out more than $2 trillion in market value by Oct. 15, highlighting the scale of pressure on U.S. chip shares.
Bloomberg News reported that the index fell 12% over a six-session stretch and estimated chip-stock losses of about $1 trillion. Reuters put losses at $1.64 trillion for that same period. The outlets gave no explanation for the difference. EconoTimes’ earlier report on investor flows into semiconductor funds also covered activity during the selloff.
The projected seven-session total would exceed the roughly $1.3 trillion chip stocks lost in one session on June 6. The benchmark’s 10.3% fall that day was its deepest daily drop since March 2020. The June decline came amid questions about whether demand for Broadcom’s custom AI chips would reach the level expected.
Earlier in the summer, a drop of more than 20% from the June 22 closing peak put the index into a bear market by July 18. It later reached its highest level in more than a month on Sept. 21.
