SMH is trading at $547.76, down 1.98%, as hotter-than-expected September inflation revived expectations of further Fed rate hikes, pressuring rate-sensitive semiconductor valuations.
- Investors are questioning debt-funded AI infrastructure spending and the sustainability of chip demand; Anthropic’s slower sequential revenue growth added to those concerns.
- The pressure is sector-wide despite strong ASML results, with broad global chip selling a clearer driver than a single-company catalyst.