Editorial companion

What stands out

Joe Mazzola flags a nearly 15 percent pullback in AI-focused semiconductors and asks the blunt question investors are asking aloud: will AI-era earnings justify massive, expensive capacity builds? He contrasts that hardware weakness with pockets of strength in software, citing Microsoft as an example that is limiting losses across the tech complex. The clip matters because it frames the selloff as a wager between capital-intensive chip production and higher-margin software profits, and it uses market breadth, chips down, software holding, to sketch the day's risk trade.