(Bloomberg) -- The Philadelphia Semiconductor Index (SOX), home to chip bellwethers like Nvidia Corp., Intel Corp. and Advanced Micro Devices Inc., has trailed the Nasdaq 100 Index by nearly 14 percentage points since early July. That puts it on track for the biggest quarterly underperformance relative to the broader technology gauge since 2007, according to data compiled by Bloomberg.
That’s a sea-change for the index that jumped 88% in the three months through June, clocking its best quarter ever. The SOX Index has declined 14% since early July as Wall Street grapples with the durability of the AI trade and weighs the threat of rising rates and stubborn inflationary pressures on the US economy.
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