US Memory Chip Index Sinks 8% as Semiconductor Selloff Deepens

US memory chip index preliminarily closed down 8%, leading a broad retreat in semiconductor and AI-linked equities. The Philadelphia Semiconductor Index fell 6.7%, while the AI Winners Index dropped 6.2% and the AI Software Pioneers Index declined 1.3%. The Nasdaq 100 preliminarily fell 2.9%. Among its components, Moderna dropped 18%; Lam Research, Lumentum and ALAB each fell more than 11%; Teradyne and CoreWeave declined 10%; SpaceX fell 9.2%; SanDisk lost 8.2%; and Meta dropped 7%. Broader US equity benchmarks also declined: the Magnificent Seven index fell 2.7%, the mega-cap technology index lost 3.2%, and the S&P 500 fell 1.2%. Technology and telecommunications sectors declined 3% and 3.1%, respectively.