"Nasdaq Composite Sinks 1.4% as Chip Selloff Deepens Ahead of Big Tech Earnings"; the Philadelphia Semiconductor Index is pushing ~20% off its high (sector bear-market territory) after TSMC hiked 2026 capex to $60-64B and Netflix guidance disappointed. QQQ fell ~2.9% this week (725→695), its worst in weeks, on AI-trade doubts. Big Tech earnings this week could spark an oversold bounce, but with chips leading lower, the Fed hawkish into July 28-29 (CPI 4.2%), and momentum broken, the weight of evidence favors continued downside. Down.