Global Semiconductor Selloff Drags Nasdaq, Crude Oil Surges Amid US-Iran Conflict

The Nasdaq Composite tumbled 2.9% this week, with the semiconductor index shedding nearly 10%, following the unveiling of a powerful new open-weight AI model by Chinese startup Moonshot, which reignited fears that cheaper open AI models could undercut demand for premium chips. Concurrently, crude oil prices jumped over 14% on the week, with West Texas crude up 4.5% to $82.49 and Brent up to $88.10 on Friday, driven by escalating US-Iran tensions threatening shipping through the Strait of Hormuz. The S&P 500 also fell 1.5% on the week, closing below its 50-day average for the first time since spring, though eight of eleven sectors rose, led by energy, real estate, and consumer staples.