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Bloomberg: Chip stock sell-off drags down U.S. stocks for the week, AI valuation concerns weigh on market performance.

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Mars Finance News, June 27 – According to Bloomberg, U.S. stocks fell for the week, dragged down by the continued weakness of chip stocks. Although the University of Michigan survey showed long-term inflation expectations below expectations, easing some rate hike fears, it failed to offset the selling pressure on chip stocks. Interactive Brokers’ Chief Strategist Steve Sosnick said that the S&P 500 briefly turned positive during the session, but the gains quickly faded, similar to the multiple failed rebound attempts investors saw this week. AI valuation concerns spread from Asian markets to U.S. trading. Two well-known Chinese hedge funds said AI stocks are in a bubble that may burst. Shares of Japan’s SoftBank Group fell after The New York Times reported that OpenAI may delay its IPO until 2027. South Korea’s Kospi index triggered a trading halt for the second time this week due to a sharp drop in chip stocks, before partially recovering. In the U.S., according to Bank of America data, investors withdrew from U.S. stocks for the first time in three months, with outflows reaching $8.5 billion. Cameron Dawson, Chief Investment Officer at Newedge Wealth, said whether the market has the patience to wait for returns on hyperscaler cloud investments is a big question. Richard Reyle, Chief Investment Officer at Questar Capital Partners, said he would not buy large-cap tech or AI stocks at current levels because their dominance is weakening, and the Mag 7 and Bitcoin peaked nine months ago and have not yet recovered. Additionally, crude oil prices continued to decline as tanker traffic through the Strait of Hormuz remained steady. Brian Jacobsen, Chief Economic Strategist at Annex Wealth Management, said the peak in energy prices has passed, there is room for overall inflation to decline, but price pressures have not completely disappeared.
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