Wall Street suffers weekly losses as chip stock sell-off widens

The U.S. markets are experiencing daily and weekly declines, led by shares of semiconductor companies related to the artificial intelligence sector amid concerns over a slowdown in spending on the industry, estimated at one billion dollars. The S&P 500 index fell by 1.01% to approximately 7,458 points, and the Nasdaq dropped by 1.40% to around 25,511 points, while the Dow Jones decreased by 0.75% to approximately 52,159 points. The Philadelphia Semiconductor Index recorded its biggest weekly loss in over a year, dropping about 18% since early July, despite rising 65% since the start of the year. Investors are increasingly reducing risks associated with AI sector investments amid growing fears that valuations are becoming overly inflated. Nevertheless, energy stocks performed well with rising oil prices, and the second-quarter earnings season has begun positively, with 49 companies reporting results that exceeded analyst expectations. Industry profits are expected to grow by 26% year-over-year.

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