Multiple pressures, including rising interest rate expectations, escalating AI financing costs, and a deteriorating competitive landscape, converged this week, leading to a massive sell-off in global technology stocks. As of Thursday, the combined market capitalization of the world's top 20 AI and semiconductor stocks had evaporated by over $1 trillion. The iShares Semiconductor ETF (SOXX), which tracks the chip sector, recorded its eighth consecutive day of declines on Thursday, with a cumulative drop of approximately 12.7% over the period, marking the ETF's longest losing streak in 11 years. In the US stock market, NVIDIA, AMD, Intel, and Dell Technologies all fell on Thursday; the declines in Asian markets were even more severe, with South Korea's SK Hynix plummeting over 10% in a single day, Samsung Electronics falling 8.73%, and Japan's SoftBank Group dropping 7.9%.