AI Chip Stocks are Cheapest in 15 Years. Is the Sell-Off Over?

The Philadelphia Semiconductor Index (SOX) has fallen 38% from its peak, pushing AI chip valuations to their lowest level since 2011 as the sector’s sell-off deepens. The decline has compressed multiples across major AI chip names, with the index now trading at levels last seen more than a decade ago. The move matters because semiconductors underpin the broader AI trade, and a sustained de-rating could weigh on technology-heavy benchmarks. Investors are watching whether the SOX can hold key support levels that would signal a rebound, or whether further downside confirms the sell-off is not over.