Philadelphia Semiconductor Index Falls Over 6% as Chip Stocks Slide

The breadth of the selloff matters more than the headline index move: equipment names like Lam, KLA and Teradyne fell harder than chip designers, suggesting the pressure is concentrated in the capital-spending side of the supply chain rather than in end-demand sentiment alone. The Nasdaq 100's smaller decline shows this is a sector-specific repricing, not a broad risk-off event. Whether equipment weakness continues to outpace the designers — a signal about capex expectations rather than AI demand — is the open question worth watching.