US chip stocks hit month low after CXMT memory advances
US chip stocks took a hit after China's CXMT made big moves in memory chip tech.
The Philadelphia Semiconductor Index dropped 1.5%, marking its fifth straight day in the red and hitting a month low.
Companies like Micron, Seagate, SanDisk, and Western Digital all saw their shares fall sharply on Tuesday, October 13, 2026.
Broadcom CEO calls AI spending gambling
CXMT's progress is making investors nervous about tougher competition for US chipmakers, leading to more selling.
At the same time, there are fresh concerns about heavy spending on AI: Broadcom's CEO even compared it to "casino gambling."
That sentiment dragged down other big names too: NVIDIA, Intel, AMD, and Marvell all slipped further.
Still, despite these bumps, semiconductor stocks are up over 70% this year thanks to strong hopes for AI growth.