# Chip firms lead tech stocks rout despite blockbuster earnings — retained record

> Retained news record from news:semafor.

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source: [news](https://highsignal.app/data/news) (news:semafor)  published 2026-07-29 14:28 ingested 2026-07-30 08:16

[original source ↗](https://www.semafor.com/article/07/29/2026/chip-firms-lead-tech-stocks-rout-despite-blockbuster-earnings)

## retained text



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The tech rout deepened, with shares in chip companies leading the slump despite supercharged earnings.
South Korean giant SK Hynix closed 9.61% down after reporting a record quarterly profit; rivals also saw slumps. This is a “correction to a little bit of the [AI] froth,” an analyst told CNBC, although it may also represent deeper fears.
Some investors are concerned that tech giants’ enormous AI spending is unsustainable: Alphabet’s shares slumped last week despite an 82% increase in cloud revenue as the market fretted about its $205 billion capital expenditure this year.
But not all tech companies have been hit: Apple, which has largely avoided the AI spending race, briefly became only the second-ever $5 trillion company on Tuesday.
```



document fetched 2026-07-30 08:16 · canonical https://semafor.com/article/07/29/2026/chip-firms-lead-tech-stocks-rout-despite-blockbuster-earnings