SOXX连跌八日创2015年9月来最长连跌，市场担忧高借贷成本拖累AI基建支出

The iShares Semiconductor ETF ( SOXX ) has fallen for eight consecutive sessions, its longest losing streak since September 2015, as chip stocks face pressure amid concerns that rising borrowing costs could slow AI infrastructure spending. SOXX closed at $514.71 on Thursday, down 12.6% from its October 2 close of $588.90. The ETF fell 4.5% on Wednesday and another 0.9% on Thursday. The sell-off reflects broader concerns over the sustainability of the AI boom, as investors question whether massive infrastructure investments can generate sufficient returns amid rising borrowing costs, high capital requirements, and uncertainty over future AI demand. These concerns have also weighed on neocloud providers, which face substantial financing needs to build out GPU capacity. CoreWeave shares fell more than 15% on Wednesday, while yields on its 2031 bonds surged above 16%, highlighting growing investor concerns over the company’s debt burden and ability to generate sustainable returns. Weighing on the situation, Seeking Alpha columnist Agar Capital explained the AI market faces three overlapping bubbles: inflated earnings expectations, interconnected financial risks, and excessive concentration of capital. The analyst warns that rising debt, circular financing arrangements, and rapidly depreciating AI infrastructure could amplify losses across the supply chain. Against this backdrop, SOXX’s exposure to major chipmakers puts the ETF at the center of the AI spending debate. Its largest holdings include Advanced Micro Devices ( AMD ), Intel ( INTC ), Nvidia ( NVDA ), Micron Technology ( MU ) and Broadcom ( AVGO ). SOXX’s largest holdings include: Advanced Micro Devices ( AMD ) — 9.47% weighting Intel ( INTC ) — 8.56% Nvidia ( NVDA ) — 7.83% Micron Technology ( MU ) — 7.45% Broadcom ( AVGO ) — 7.30% Marvell Technology ( MRVL ) — 4.53% Analog Devices ( ADI ) — 4.35% Texas Instruments ( TXN ) — 4.20% KLA ( KLAC ) — 3.98% Qualcomm ( QCOM ) — 3.95% Despite its eight-session losing streak, SOXX remains up 70.9% year to date.