The semiconductors are officially in a bear market. The SOXX is down more than 20% from its June high, and it's still bleeding this morning. Micron is off 6.5%, Intel is down 5%, and the whole group is red again. It's worse overseas. Korea's KOSPI got halted again and is now down about 30% from its June peak. Samsung and SK Hynix both dropped double digits overnight. This is the memory and hardware trade, the exact corner everyone crowded into all year, unwinding hard. None of this should be a shock if you've been watching with us. This was one of the most stretched moves above the 200-day we've ever seen, beaten only by the March 2000 top. When something runs that far that fast, the trip back down is violent. That's what we're getting. Here's the part that matters. The broad market isn't breaking with it. Money keeps leaving the chips and landing in healthcare, financials, and the defensives. So this is still a concentrated unwind in the most crowded trade, not a market-wide collapse. That can change, but it hasn't yet. Watch the Mag 7 chart for a floor. Microsoft and Meta report tomorrow, Apple and Amazon Thursday. Until the biggest names stop leaking, treat any bounce in tech as a trade, not a bottom.
