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Semiconductor stocks fall, PHLX Semiconductor Index down 2%, on fears of increased competition from China's AI advancements
US-listed shares of Micron Technology and SK Hynix tumbled around 4%, while Nvidia dropped 1% and AMD fell over 2%. This follows Alibaba's unveiling of its Qwen3.8-Max AI model and a research firm noting China-based DeepSeek's latest model is significantly cheaper than competitors, highlighting intense competition in advanced and affordable AI systems from Chinese tech firms. Semiconductor stocks have fallen more than 20% from their June highs amid concerns over AI spending and China's advancements.
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