The Nasdaq-100 (QQQ) is trading down -1.75% in the current session, primarily driven by a sell-off in semiconductor stocks. Reports of a state-backed Chinese firm commencing mass production of advanced chipmaking equipment have raised concerns about increased competition, impacting major US chipmakers. This news has added to investor anxiety ahead of a packed week of earnings reports from several mega-cap technology companies. The broader tech sector is also facing pressure amid questions about the sustainability of the recent AI-driven market rally.