Chips Crash Into Bear Market as Iran War Spirals
Wall Street snapped a two-week winning streak as the AI semiconductor trade violently unwound, pushing the SOX into a confirmed bear market — down 20% from its late-June record. Chinese AI startup Moonshot’s Kimi K3 model rekindled DeepSeek-style fears, while Iran’s abandonment of the interim peace deal after two American troops were killed in Jordan sent Brent crude surging past $88.