CHIP SELLOFF HITS NASDAQ AS APPLE HITS $5T

The chip sector led market declines as investors reassess the longevity of the artificial intelligence spending surge. Progress in Chinese chipmaking capabilities triggered fresh concerns about competition and margin pressures in the semiconductor industry. SpaceX shares have lost roughly 20% of their value since the company's record-setting public debut, as risk-averse investors shift away from volatile tech firms. The pullback reflects broader market caution following the chip selloff. Apple became only the second company to reach a $5 trillion market capitalization, marking a milestone for the tech giant despite broader sector weakness. The achievement underscores the concentration of market value among mega-cap technology stocks. The selloff signals growing skepticism about whether current AI investment levels can justify valuations, particularly among semiconductor makers positioned as primary beneficiaries of the AI boom.