The PHLX Semiconductor Index, a widely followed measure of chip stocks, slid for eight straight trading sessions from Oct. 7 through Friday, Oct. 16. In that span the index dropped around 16%. Going by daily closing prices, it hadn't fallen so many days in a row since October 2008. Nvidia (NASDAQ:NVDA) did better than the index but still slid about 10%, from a record close of $239. 24 on Oct. 6 to $214. 13. The sell-off came as worries over interest rate hikes, the financing behind artificial intelligence (AI) projects, and competition weighed on chip stocks worldwide. The index bounced about 1. 6% on Monday as of this writing.
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