Philadelphia chip index enters bear market; about $3.3 trillion in global chip value erased since June 22

The Philadelphia Semiconductor Index (SOX) fell as much as 5.7% on Friday, July 17, 2026, deepening its drop from a late-June record to more than 20% and pushing the gauge into bear-market territory. According to Bloomberg data, roughly $3.3 trillion in global chip-stock market value has been erased since June 22. Before this slide, the 30-stock benchmark had soared about 105% from its March low to last month's peak. Shares of Marvell, ARM and Intel have each fallen more than 30% over that span.

Friday's decline followed worries that the heavy spending on artificial intelligence is becoming harder to justify, compounded by the unveiling of the "Kimi K3" model by Chinese startup Moonshot. By Friday midday US Eastern time, Wall Street's main indexes were also trading lower, and Netflix shares dropped about 11% after a weak sales outlook. The selloff has no direct bearing on Iran's markets, but it reinforces a broad risk-off mood that feeds through to oil, gold and crypto prices.