Tower Semiconductor is trading 4.7% down at $237.69 as the stock undergoes a sharp pullback following its recent rally and a broader decline in chip stocks.
- The shares had climbed significantly on July 14–15 after the company announced a $3 billion expansion in Japan, supported by $1 billion in government grants.
- The current decline is driven by profit-taking following those gains, compounded by sector-wide weakness across the semiconductor industry.