The bond market just turned on the AI trade — and chip stocks lost more than $650 billion in two days: Chart of the Day

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Wall Street just had its best week since August, and chip stocks led the way. But by Friday the rally was cracking, and the bond market had turned against the AI trade. The PHLX Semiconductor Index (^SOX) still finished the week up about 8%, with the Nasdaq 100 (^NDX) up about 3.5% and the S&P 500 (^GSPC) up about 2.5%. Most of those gains came early. From Wednesday's close through Friday, a Yahoo Finance basket of 62 chip stocks lost more than $650 billion in market value, and only three rose. Nvidia (NVDA) never joined the rally. The stock fell about 13% in the week Jensen Huang resigned as CEO, its worst week since April 2025 and its sixth straight weekly loss, the longest streak since 2012.