off-the-wire

US chip stocks set to wipe out $2 trillion after latest selloff

Kitco Media
By Reuters
Published:
Updated:
Reuters
US chip stocks set to wipe out $2 trillion after latest selloff teaser image

Oct 15 (Reuters) - US semiconductor stocks were ​set to lose $2 ‌trillion in market value on ​Thursday in ​the steep selloff since ⁠last week, ​driven by rising ​bets of an interest-rate hike and ​concerns over ​the cost of the ‌AI ⁠buildout.

The Philadelphia SE Semiconductor index (.SOX), was last down ​3.3%, ​adding ⁠to a $1.64 trillion wipeout ​over the ​past ⁠six sessions.

Reporting by Shashwat ⁠Chauhan ​and Medha ​Singh in Bengaluru; Editing ​by Arun Koyyur

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.