Philadelphia Semiconductor Index Slides 6% as Decline Deepens

Semiconductors sit at the center of the AI and tokenization trade, so a broad index-level slide matters well beyond chip equities: it can bleed into the sentiment that has been underpinning crypto and RWA infrastructure narratives. The absence of a named catalyst is itself the story, since it points to positioning and flow rather than a single event. Whether this weakness stays contained to equities or feeds into risk appetite across digital-asset markets is the open question.