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Stock exposure broadens as AI and Chips Hit
Stock Exposure Broadens as AI and Chips Hit | 29 July 2026
The great rotation is accelerating. The Dow surged 1% and the S&P 500 rose on strong earnings, but semiconductors got hammered — the SOX index dropped 4.5%, South Korea's KOSPI plunged 11%, and Nvidia's credit default swap hit a record 85bps on circular financing fears worth $750 billion. Oil posted its worst three-day stretch since 2020 before bouncing 5% after hours on fresh Middle East attacks. A 7.1-magnitude earthquake struck Kumamoto — the heart of Japan's chip industry — raising supply chain watch alerts. We break down why…
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