Semis Show Cracks, But Dialed Down Geopoltical Tensions Support Rotation

Tech stocks and the AI trade are under pressure after several high-profile names reported earnings, raising fresh doubts about the durability of the AI-fueled rally. Broadcom (AVGO -12.65%), Ciena (CIEN -14.4%), and CrowdStrike (CRWD -4.2%) fell following their reports. The weakness triggered broader selling across the technology sector and AI names, with the AIQ down…