# Why AI Chip Stocks Are Crashing While Equipment Makers Rally

Page: https://stenobird.com/podcast/the-ai-podcast-with-fexingo-artificial-intelligence-machine-learning-and-modern-ai-models-7872011/why-ai-chip-stocks-are-crashing-while-equipment-makers-rally
Text version: https://stenobird.com/podcast/the-ai-podcast-with-fexingo-artificial-intelligence-machine-learning-and-modern-ai-models-7872011/why-ai-chip-stocks-are-crashing-while-equipment-makers-rally.md
Podcast: [The AI Podcast with Fexingo: Artificial Intelligence, Machine Learning, and Modern AI Models](https://stenobird.com/podcast/the-ai-podcast-with-fexingo-artificial-intelligence-machine-learning-and-modern-ai-models-7872011)
Published: 2026-06-29T08:21:13+00:00
Episode link: https://audio.fexingo.com/business/the-ai-podcast/episode-0080.mp3
Audio file: https://audio.fexingo.com/business/the-ai-podcast/episode-0080.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-ai-podcast-with-fexingo-artificial-intelligence-machine-learning-and-modern-ai-models-7872011/episodes/why-ai-chip-stocks-are-crashing-while-equipment-makers-rally
Duration seconds: 536

## Resource

On June 29, 2026, the AI chip trade is in turmoil. NVIDIA is down 7.7% over five days, AMD off 5.4%, and the SOXX semiconductor index has dropped nearly 10%. Yet equipment makers like Applied Materials are only down 2.1%, and ASML fell 7% — less than the chip designers. Lucas and Luna unpack the decoupling: hyperscalers are slowing their GPU purchases, but they're still building out fabs and buying lithography tools for the next generation. They explore whether this is a rotation within AI infrastructure or the beginning of a broader capex slowdown. The conversation also covers the surprising resilience of Microsoft, which is actually up 1.5% this week, and what it signals about the changing nature of AI spending — from training to inference and from GPUs to custom silicon. #AI #Semiconductors #NVIDIA #AMD #ASML #AppliedMaterials #Microsoft #SOXX #ChipStocks #EquipmentMakers #AIInfrastructure #CapexCycle #Technology #FexingoBusiness #BusinessPodcast #AIStocks #SemiconductorEquipment #MarketRotation Keep every episode free: buymeacoffee.com/fexingo

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