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Global Semiconductor Stocks Erase $2.1 Trillion as Philadelphia Index Tests Critical 12,000 Support

GateNews
IndicesStocks
Global semiconductor stocks attempted a rebound on Wednesday, July 8, after erasing over $2.1 trillion in market value, with the Philadelphia Semiconductor Index testing critical support near 12,000 points and semiconductor ETF holding near $535. Memory stocks led the selloff: Samsung Electronics retreated over 25%, Micron fell 25%, and SK Hynix declined 30% from recent highs. The memory-tracking ETF has entered bear market territory. SK Hynix is scheduled to list its approximately $28 billion ADR on Nasdaq on Friday, July 10, according to Reuters. Market analysts noted that holding the 11,950–12,000 support level is critical for confirming the current decline as a technical correction rather than a deeper downturn; breach of these levels could trigger a move toward 11,000 points.
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