SOXX, the semiconductor benchmark index, has fallen roughly 25% from its highs, and leveraged semiconductor ETFs have dropped more than 60%. The sell-off has not slowed capital commitments to AI infrastructure.
Amkor Technology posted record quarterly results.1 SK hynix and KLA separately report expanding orders for AI-server DRAM and advanced packaging, evidence that underlying demand has not turned down alongside the stock prices.
The U.S. government awarded GlobalFoundries new R&D funding and took a CHIPS Act equity stake in the sector, a commitment GlobalFoundries CEO Phil Brace addressed directly.2 Nvidia has separately backed Safe Superintelligence with fresh capital, extending its AI spending beyond its own chip production.
Consolidation is accelerating alongside the investment. Skyworks and Qorvo named the leadership team for their planned merger. Skyworks CEO Bob Bruggeworth said the announcement reflects "the strong partnership that has shaped our integration planning efforts from the very beginning."3
Kalray and Bull agreed to jointly develop next-generation high-speed networking for AI and HPC infrastructure. Kalray CEO Éric Baissus said the deal targets "the next generation of AI and HPC," as computing demands keep expanding across sectors.4
AMD CTO Mark Papermaster's public comments this week underscored that major chipmakers are continuing to invest in AI infrastructure even as their equities sell off.5 The divergence suggests markets are repricing AI-growth expectations and competitive risk faster than the underlying demand data has actually moved.
