AI safety concerns renewed pressure on semiconductor shares after Anthropic CEO Dario Amodei urged restraint in developing the most advanced models. The Philadelphia Semiconductor Index dropped as much as 5.9%, with Nvidia, Broadcom, Micron and AMD declining, while SK Hynix also fell sharply in South Korea. Bank of America semiconductor analyst Vivek Arya characterized the selloff as background noise, arguing that AI capital expenditure could triple to more than $3 trillion by 2030. Arya said the chip index traded near 19 times forward earnings, broadly in line with the S&P 500, despite earnings growth running about seven times faster, and noted the index was still up 67% in 2026. Investors remain divided over whether AI revenue will justify the infrastructure spending that has supported chip valuations, with concerns also focused on Nvidia's financing relationships with AI customers.