Chip, storage shares continued to fall on Friday. SOXL down 7%; Wolfspeed down 5%; Astera Labs, SK Hynix, Western Digital, SMCI down around 4%; AMD, SanDisk, Micron down over 3%.

The PHLX Semiconductor Index (SOX) fell nearly 2%, marking an eighth consecutive daily decline and putting it on track for its longest losing streak since May 2006.

“Comparisons of AI and the dot-com bubble have grown louder this week,” writes 22V Research’s Dennis DeBusschere.

The iShares Semiconductor ETF and VanEck Semiconductor ETF were both on track to fall for a ninth-straight day for the first time since May 18, 2006.

“Of late, bears are questioning whether the datacenter construction boom will unfold fast enough to ‘house’ all of the GPUs assumed in Wall Street’s aggressive semiconductor revenue estimates,” writes Warren Pies of 3Fourteen Research. “Altogether, fear is in the air (we have fielded more nervous calls, emails and direct messages over the past 24 hours than any past period).”