The surprise release of a breakthrough artificial-intelligence model from China intensified a selloff in chip stocks on Friday, fueling concerns about competition in AI and massive corporate spending that underpins its build-out.
The anxiety pushed the PHLX Semiconductor index, packed with industry heavyweights such as Nvidia, Broadcom and Micron Technology MU -0.50%decrease; down pointing triangle, into bear-market territory. The index plummeted 10% this week, its steepest weekly drop since April 2025. A bear market is defined by a drop of 20% or more from a recent peak.
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