Chip Selloff Deepens with New Triggers and Counter-Narratives

Global chip selloff accelerated on July 23 with Dow -506, Nasdaq -2.2%. New triggers: Alphabet/Tesla AI capex disappoint, oil above $100, rate hike odds jump to 57%. Counter-narratives: $950B+ Korean partnerships, NVIDIA-SK Hynix $500B HBM deal, Tiger Global upping TSMC stake by 49% to $1.88B. Political risk: Democrat warns Trump admin worsening chip shortage via CHIPS Act mismanagement. Oil dip below $100 on July 24 provided relief. New articles add: Michael Burry shorting SOXX, Tesla, Micron; TSMC insider buying at $79; Broadcom as winner from Alphabet capex; Google $514B cloud backlog. Next week's earnings (Microsoft, Meta, Apple, memory chip) and central bank decisions are critical.