Chip Stock Selloff

AMD dropped 7.2% yesterday. Nvidia, Micron, Marvell, and Applied Materials fell with it, part of a chip sector selloff that has wiped out more than a trillion dollars in market value over the past week.

The trigger wasn't one bad earnings call. It was a combination of weak sentiment after Samsung's preliminary results, growing concern that AI infrastructure spending is peaking faster than expected, and reports that China's DeepSeek is building its own chip to cut reliance on Nvidia and Huawei.

Here's what makes this moment strange. The same week public markets punished chip stocks, private markets did the opposite. Valar Atomics raised a billion dollars to build nuclear reactors for AI data centers. A UK chip startup called OLIX raised the largest semiconductor venture round in European history. Private capital is still betting the infrastructure buildout has years to run. Public capital just said it isn't sure the returns show up on the timeline it was promised.

That gap is the story. Not whether AI is real, but whether the market's patience for AI capex matches the pace at which it's actually being deployed.

If you're allocating budget toward AI infrastructure right now, are you underwriting it to a public-market timeline or a private-market one?