US Tech 100 Drops 1.8% as Samsung Earnings Spark AI Peak Fears

The US Tech 100 and Nasdaq-100-linked QQQ fell sharply on July 7, with the Nasdaq Composite down 1.3% by midday as investors sold chip stocks following Samsung’s blowout results. The reversal erased July 6 gains, when semiconductor momentum lifted the Nasdaq 1.12% to 26,121, the S&P 500 0.72%, and the Dow to a record 53,055.91. Samsung’s 129% revenue surge and 19-fold profit jump were read as signs of peaking AI hardware demand, triggering 7-10% drops in Micron, Intel, and Lam Research. Energy shares rose after an oil spike from a tanker incident in the Strait of Hormuz.