The Zhitong Finance App learned that after experiencing a sharp rise driven by the memory chip market, the US semiconductor sector ushered in a sharp correction. The Philadelphia Semiconductor Index plummeted 5.7% intraday on Friday. Although the decline narrowed to 1.6% at the close, the cumulative retracement reached 20% from the all-time high set at the end of June, and officially fell into a technical bear market.

The Zhitong Finance App learned that after experiencing a sharp rise driven by the memory chip market, the US semiconductor sector ushered in a sharp correction. The Philadelphia Semiconductor Index plummeted 5.7% intraday on Friday. Although the decline narrowed to 1.6% at the close, the cumulative retracement reached 20% from the all-time high set at the end of June, and officially fell into a technical bear market.