Technology
US chip stocks set to erase $2 trillion in the AI-cost selloff
US semiconductor shares were on track to lose $2 trillion of market value in the selloff running since last week, Reuters reported, as investors raised bets on a Federal Reserve rate increase and questioned the cost of the AI build-out. The Philadelphia Semiconductor index was down 3.3 percent on Thursday, extending a $1.64 trillion wipeout over the previous six sessions. The retreat spread from an Asia-led rout earlier in the week and has now pulled the sector's losses into a single, cumulative figure even as demand for accelerators and memory remains far above available supply.