Nasdaq 100 pares loss to 2.6%; semiconductor index down 6.1%

The gap between the broad indices and the semiconductor index is the real signal here: a 6.1% slide in chips against a 2.6% Nasdaq 100 decline shows the selloff is concentrated in the AI and semiconductor trade rather than spread evenly across the market. The Dow's comparatively mild 0.5% drop reinforces that this is a rotation away from high-multiple tech, not a blanket risk-off move. Whether chip stocks keep underperforming the broader tape is the open question, since that concentration determines how much of the headline index weakness is really a single-sector story.