🔴 SMH.MI fell 7.7% on July 7 as chip sector corrected after AI rally

SMH.MI fell 7.7% on July 7, closing at $94.26, as the semiconductor sector faced a broad pullback following significant AI-driven gains.

• The decline followed a sharp drop from the previous close of $102.13 on July 6, with chip stocks weighing heavily on Nasdaq futures as investors rebalanced exposure after recent outperformance.
• The move mirrored a broader trend in the industry, with the U.S.-listed VanEck Semiconductor ETF (SMH) also declining by 5.39% on July 07, reflecting concerns over high valuations.