Why Semiconductor "Bear Market" Isn't Foreboding

In recent weeks, the widely watched Philadelphia Semiconductor Index (SOX) has slid lower, breaching -20% from its June 22 peak on Friday. Now many are calling it a bear market—and a harbinger of doom for stocks broadly, especially because of the widespread (mistaken) view the whole bull market hinges on AI and Tech. The big problem with this: One set of stocks isn’t a leading indicator for others. While semiconductors may have gotten a bit over their skis (especially in South Korea), that doesn’t mean the rest of the market has, too. Read Full Article »