US Chip Stocks Fall on China News
US chipmaker shares declined as reports of a memory technology advance by Chinas CXMT raised competition fears. Broaden concerns over artificial intelligence spending added pressure to the sector following a strong rally earlier this year.
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Shares of United States chipmakers dropped Tuesday, with the broader Philadelphia chips index falling 1.5% in its fifth straight session of losses. The sector downturn reflects mounting competitive pressures from China and renewed jitters over artificial intelligence spending. Despite the pullback, the index remains up over 70% so far this year.
