U.S. Semiconductor Stocks Plunge on July 24: SOXX Down 4.40%, Intel Falls 7.89%

According to MarketWatch, U.S. semiconductor stocks fell sharply on Friday (July 24), with the iShares Semiconductor ETF (SOXX) closing down 4.40%. Major chip makers were hit hard: Intel dropped 7.89%, Micron fell 6.99%, Coherent plunged 9.84%, and Lumentum declined 8.47%.

Mizuho Securities Managing Director Daniel O'Regan attributed the selloff to multiple overlapping factors rather than a single catalyst. He cited three key concerns: first, Intel's strong Q2 earnings failed to lift the stock, dampening sector sentiment; second, concern over Chinese chipmaker Changxin's upcoming Shanghai IPO and potential Apple partnership; and third, growing investor scrutiny over hyperscale cloud providers' record capital spending ($785 billion projected for 2026 alone) amid elevated borrowing costs.