🔴 XLK is trading 2.1% down today on chip-sector selloff and rate hike concerns

XLK is trading 2.1% down today as investors extend a chip-sector selloff and reassess exposure to AI-related growth.

• Semiconductor sentiment weakened following Samsung-linked earnings concerns and ongoing anxiety regarding China’s AI chip ambitions.
• Rising odds of a September Fed rate hike, fueled by oil-driven inflation fears, are pressuring Nasdaq futures and the broader technology sector.