AI-fueled chip stock surge ends as index hits bear market
Data from Bloomberg indicates that the Philadelphia Semiconductor Index has entered a bear market, falling 20% from its high point in late June and erasing a significant 105% gain fueled by AI. During Friday's morning session, the index, which tracks 30 chip companies, saw a 4.6% drop. This downturn follows the announcement from Chinese startup Moonshot regarding its Kimi K3, which the company asserts can compete with the newest AI models from OpenAI and Anthropic.
by shortkt.com✓