● CHIPMAKERS TUMBLE MORE THAN 8% ON AI DOUBTS

AMD, Intel, Sandisk and Marvell all tumbled more than 8% as the selloff in semiconductor stocks deepened. The Philadelphia Semiconductor Index posted its worst single session since June 23, falling 6.7%. The rout followed Meta's earnings, which showed the AI spending race pushing free cash flow negative for the first time in more than a decade, and investors are now openly questioning whether AI capital spending is paying off. $AMD led the chip names lower in a session that erased weeks of gains across the sector.