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AI chip sell-off deepens as China chip progress spooks investors

Semiconductor stocks tumbled into bear-market territory as the PHLX Semiconductor Index fell more than 5%. Nvidia lost its position as the world's most valuable company to Apple. Chinese memory maker CXMT soared 470% in its Shanghai IPO, while a report that a Chinese state-backed firm began producing chipmaking equipment rivaling ASML fueled fears of intensifying competition.