US chip stocks slide: memory index down 8%, Philadelphia Semiconductor Index falls 6.7%

The scale of the memory-index drop relative to the broader S&P 500 decline points to a sector-specific repricing rather than a market-wide risk-off move, with semiconductor equipment names like Lam Research hit hardest alongside memory. The fact that the AI Winners Index fell nearly as much as the chip index suggests the selloff is testing the AI trade's narrow leadership rather than just one subsector. Whether this stays contained to semis or bleeds into the wider tech complex — telecom and tech both lagged the S&P — is the open question worth watching.