The SOXX semiconductor index is down 25% from its highs, and leveraged semiconductor ETFs have fallen 62%, even as chipmakers keep signing AI infrastructure deals.1
GlobalFoundries has entered a partnership with the U.S. Department of Commerce tied to the CHIPS Act, part of a push to expand domestic chip manufacturing capacity as AI demand grows.2
AMD has partnered with Cerebras on AI accelerator development, adding to a wave of chip alliances that includes new Nvidia-SK hynix AI accelerator supply agreements and chip roadmaps extending through 2028.3
Skyworks Solutions and Qorvo announced expected leadership for their combined organization as their merger integration continues. "Today's announcement reflects the strong partnership that has shaped our integration planning efforts from the very beginning," said Bob Bruggeworth.4 He said he is confident the named leaders will foster collaboration across the combined teams.
The dealmaking spans networking infrastructure too. French chipmaker Kalray signed an agreement with Bull to develop high-speed networking technology for AI and high-performance computing. "Alors que l'IA continue de redéfinir les besoins en matière d'infrastructure dans tous les secteurs, nous sommes ravis de proposer des technologies qui offrent des performances accrues," said Éric Baissus, Kalray's CEO.5
KLA posted record results during the same period, and SK hynix signed new supply agreements, underscoring that chip fundamentals have stayed strong even as equity sentiment sours.1
Micron shares have bounced off recent lows, a move some see as an early stabilization signal for the sector. The gap between continued AI buildout activity and falling chip stocks marks what analysts describe as a classic late-cycle correction, where partnerships and guidance keep advancing while equity markets price in slower growth.1