Philadelphia Semiconductor Index Falls 7.2%, Its Biggest Drop Since June

The Philadelphia Semiconductor Index fell 7.2% at Friday’s U.S. close, its largest one-day decline since June, as chip shares suffered steep losses across the sector.

Intel dropped 28.58%, marking its biggest daily decline in more than 40 years. Sandisk fell more than 13%, Qualcomm lost more than 11%, AMD declined more than 10%, and Arm slid more than 9%.

Seagate Technology, Western Digital and Applied Materials each declined more than 7%. ASML and Lam Research fell more than 6%, while TSMC and Broadcom lost more than 5%. Five of the named stocks fell more than 9%, and seven others were down more than 5%.

The losses spanned chipmakers, storage companies and equipment suppliers. The steep technology-sector decline adds context to the broader risk-sentiment picture relevant to crypto markets.