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Capital Allocation Trends

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Philadelphia Semiconductor Index Hits Record as Enterprise Software Stocks Fall 20–49%

Philadelphia Semiconductor Index Hits Record as Enterprise Software Stocks Fall 20–49%

The Philadelphia Semiconductor Index hit a fresh record high while Nasdaq declined, reflecting a structural split in AI spending. Hardware and chip makers are capturing AI capex while enterprise software companies face valuation compression. Accenture fell ~20%, Salesforce is down 43% YTD, and Adobe has lost 49% over the past year.

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