Chip stocks have fallen for eight consecutive sessions, their longest losing streak in 16 years, as buyers test the $500 level. According to NS3.AI, the iShares Semiconductor ETF (SOXX) closed Thursday at $514.71, nearly 14% below its October high.

Thursday’s recovery came on the heaviest trading volume in months, suggesting buyers are entering near $500. UBS characterized the sell-off as a recalibration of expectations rather than a fundamental break in AI investment. Goldman Sachs estimates Big Tech will spend roughly $800 billion on capital this year. The next move in chip stocks may depend on borrowing costs rather than demand.