The SOXX semiconductor index has fallen 25% from its highs, with leveraged chip ETFs down 62%. Dealmaking has not slowed.
Skyworks Solutions and Qorvo named the leadership team that will run their combined RF chip business, a sign the merger remains on track despite the sector sell-off. "Today's announcement reflects the strong partnership that has shaped our integration planning efforts from the very beginning," said Bob Bruggeworth.1 He said the leaders named will help the combined teams build on the engineering and customer focus that has long distinguished both organizations.1
AMD advanced its AI accelerator collaboration with Cerebras, one of several new infrastructure agreements this quarter, alongside Nvidia's supply deal with SK hynix.2 AMD is also mapping out roadmapped AI chips through 2028, part of a broader push by chipmakers to lock in long-term AI infrastructure commitments even as equity markets reprice risk.2
GlobalFoundries finalized a CHIPS Act partnership with the U.S. Department of Commerce, deepening federal involvement in domestic chip manufacturing capacity.3 The agreement adds to a string of government-backed supply deals aimed at securing chip production onshore.3
Kalray and French technology group Bull agreed to jointly develop next-generation, high-speed networking for AI and high-performance computing. "In collaboration with Bull, we aim to develop solutions that will enable the next generation of AI and HPC, and to create long-term value for our customers worldwide," said Kalray CEO Éric Baissus.4
Amkor Technology, a major chip packaging and test provider, also reported quarterly results and guidance pointing to continued AI-driven demand despite the equity pullback.5
The pattern points to a late-cycle correction rather than a collapse in AI chip fundamentals. Record results from KLA and new SK hynix supply agreements reinforce that reading, with Micron's bounce off recent lows offered as a possible early stabilization signal. For now, the partnerships and mergers keep closing even as chip stocks keep falling.
