Mega-cap tech rotation and semiconductor selloff

Semiconductors officially in bear market (SOXX -20%). Ed Yardeni warns of another 12% downside to 200-day MA. Nvidia, AMD, Intel hit hard; Apple hits record high on China AI win, bucking trend. Rotation into value/cyclicals, financials, and energy continues. Chips rebounding pre-market with Micron +5.7% and SMH +1.7% ahead of megacap earnings. IREN's AI cloud deal adds positive catalyst. Goldman flags non-AI trades. Key levels and catalysts. Status: developing.