Chip stocks had their worst day since 2020 as Musk says Softbank is defaulting on turbine orders
FXStreet · TradeTheNews.com Staff ·
EU mid-market update: US futures bounce from the lows on reports Anthropic’s ARR topped $80B as Asia catches down; Chip stocks had their worst day since 2020 as Musk says Softbank is defaulting on turbine orders; US payrolls day.
EU mid-market update: US futures bounce from the lows on reports Anthropic’s ARR topped $80B as Asia catches down; Chip stocks had their worst day since 2020 as Musk says Softbank is defaulting on turbine orders; US payrolls day.
The brief
- A midterm-driven selloff spread from AI chip stocks to the whole market: the SOX fell 12.25%, its worst day since March 2020, the S&P 500 >4% and Nasdaq >6%, entering a correction. Memory names were hit hardest on fears that permit freezes and funding gaps will delay 2028 data-centre capacity, and Korea and Taiwan stepped in after falls of 6-9% across Asia. US futures have since bounced on reports that Anthropic’s annual revenue run-rate passed $80B. Funding still looks shaky, though, with Anthropic’s ~$1.5T IPO possibly delayed and Musk claiming SoftBank is defaulting on turbine orders. On policy, the Fed’s Williams cooled December hike odds to about 70%, the BoE raised rates to 4%, and Brent is near $98 as Trump weighs new strikes on Iran. Non-chip earnings held up well, and today’s payrolls report will decide whether the Fed or the market gives way first.
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