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US Chip Stocks Plunge 16% in Longest Losing Streak Since 2008
US chip stocks experienced a significant decline, with the Philadelphia Semiconductor Index falling 16% over eight sessions, marking its longest losing streak since October 2008. The slide began on October 6 and ended on October 17, with the index closing at 11,137.29. The decline affected more than $1 trillion in market capitalization across AI and semiconductor stocks. Short sellers booked an estimated $32 billion in gross paper gains over seven days. The selloff was particularly severe for AI cloud provider CoreWeave, which saw its shares fall nearly 12% in a single session and lose about 25% over five sessions. The reversal in sentiment was sharp given the index's previous strong performance of over 60% in 2026.