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Wall Street declines as chip stocks fall amid ongoing market downturn
The U.S. stock markets declined significantly, continuing the pressure on technology and semiconductor sectors, with the S&P 500 down by 1%, the Nasdaq Composite down by 1.4%, and the Dow Jones approximately 0.7% lower. The VanEck Semiconductor Fund posted its third weekly loss in four weeks, dropping more than 8%, due to concerns over open-source Chinese competition rivaling American models and rising oil prices, fueled by escalating tensions between the United States and Iran. This has led to West Texas Intermediate crude trading above $81 and Brent crude exceeding $86. Despite the volatility, the market reflects the early stages of maturity in the AI investment cycle, with investors becoming increasingly sensitive to excessive spending. Additionally, stocks like Netflix fell more than 6% after missing earnings expectations.
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