Chip stocks tumble globally despite TSMC's record earnings

The Thursday selloff reveals a critical shift in how the market is valuing the semiconductor and AI sectors. TSMC's announcement of a record-breaking $100 billion（約16兆円） investment in US fabs would normally be viewed as bullish evidence of sustained demand, yet it failed to stabilize prices—and in fact preceded sharp declines. This disconnect points to a deeper concern: the market has moved beyond evaluating AI spending on its merits and is now demanding near-flawless execution. Investors are fearful that current valuations assume everything will go perfectly, leaving no room for any disappointment. The "meaningful cracks" analysts have observed in chip stocks over recent weeks, coupled with warnings that a rebound failure could trigger "real warning flags," suggest this is not isolated profit-taking but a fundamental repricing of risk in the sector. Even a company as dominant and well-capitalized as TSMC could not reverse the mood, indicating the issue is not confidence in any single player but rather skepticism about whether the entire AI capex cycle has been overestimated.