Nasdaq Closes Worst Week Since June at 4% Loss; Chipmakers Sink for Eighth Straight Day
The Nasdaq fell 4% for the week, its worst since June, as chipmakers sank for an eighth straight day and CoreWeave lost another 11% Friday. Brent crude jumped to $110 a barrel on supply fears.
Wall Street closed out its worst week since June on Friday, as a punishing sell-off in AI and semiconductor stocks deepened and surging crude oil prices added to the pressure.
The Nasdaq Composite dropped 2.1% on Friday, taking its weekly loss to 4%, its worst weekly performance since June, according to CNBC TV18. The S&P 500 ended the session 1.1% lower for a 2% weekly decline, while the Dow Jones fell about 175 points but still posted a 0.7% gain for the week. The chip-heavy Nasdaq 100 dropped 2.5% on the day.
Tech leads the slide
Chipmakers fell for an eighth straight session, their longest losing streak since 2008. Shares of AMD, Broadcom and Intel dropped between 4% and 6% on Friday, while memory-chip makers Sandisk, Western Digital and Seagate fell between 7% and 7.5%. Oracle shed another 5% and is now nearing a 52-week low, according to CNBC TV18.
The VanEck Semiconductor ETF dropped 3% on Friday and 10% for the week, its biggest weekly fall since April 2025. The sell-off has been driven by fears of competition from China and doubts about debt repayments at companies spending heavily on data center construction.
CoreWeave, the AI cloud company at the center of the rout, fell another 11% on Friday for a 25% weekly loss. The company’s total debt has now risen to $51 billion. Cathie Wood of ARK Investment Management compared CoreWeave to Coinbase, whose bonds had also come under pressure before the company benefited from the crypto industry’s growth, and said her fund added to its CoreWeave position during this week’s sell-off.
Nvidia chief executive Jensen Huang pushed back against the gloom in an interview with Bloomberg in Berlin: “It’s going to be transformative. It’s going to impact in a very positive way every single industry and every single country. There’s no question it will continue, and we’re at the beginning of that.”
The sell-off has pushed the VIX, the market’s fear gauge, above 22 for the first time since June.
Oil jumps to $110 on supply fears
Brent crude jumped to $110 a barrel overnight, as Iran escalated attacks in the Strait of Hormuz while Ukraine and Russia continued striking each other’s energy infrastructure, a combination that has triggered fresh supply concerns, according to CNBC TV18.
The market debate has shifted, the report said, from how large AI can become to how much more investment will be needed before the technology turns a profit.
Reporting based on coverage by CNBC TV18, with inputs from agencies.
