The Chip Index Just Fell Into a Bear Market. Apple Is Sitting Near an All-Time High Anyway.
The AI sell-off is hitting almost every chip name. The market's biggest company is untouched.
Overview
The PHLX Semiconductor Index closed in a bear market on Friday, finishing more than 20% below its June peak. Apple (NASDAQ: AAPL) spent the same session touching a record intraday high of $334.98 -- and passing Nvidia for a moment to reclaim its title as the world's most valuable company, at about $4.9 trillion.
The divergence isn't random. Global chip stocks have erased about $3.3 trillion in market value since June 22 as investors rethink what the AI (artificial intelligence) build-out costs and who actually profits from it. Memory chipmakers, among the build-out's biggest recent winners, have been leading the declines.
Details
Apple, however, is the one technology giant that never signed up to pay for the build-out in the first place.
Source
Originally published at www.fool.com.