U.S. chip stocks are taking a beating Monday after a stratospheric stock market debut by Chinese memory-chip maker CXMT.

But that's only the latest development to rattle jittery investors. Also:

-- Apple has been lobbying the Trump administration on a plan to use memory chips from China in some Apple products.

-- Google disclosed negative cash flow in its second-quarter earnings report last week, triggering a selloff.

"The market wants to see spending, but for semi stocks to hold up it needs to be a responsible increase," said Gil Luria, head of technology research at D.A. Davidson.

One thing that could reassure investors, he said, is if historically cautious Microsoft increases its capital expenditures when it reports earnings. But "if Microsoft says capex is down next year, all hell is going to break loose."