SOXS is trading up 5.6% at $66.38 as semiconductor stocks extend a sharp multi-day decline.
- The move is driven by a global selloff fueled by skepticism regarding the sustainability of AI capital expenditures and new competition from state-backed Chinese chipmakers.
- Heightened geopolitical tensions in the Middle East are increasing macroeconomic risk as investors look ahead to the Federal Reserve's FOMC statement.