Semiconductor Sector's Worst Week in a Year Drags Down Crypto Miners

The semiconductor sector has just experienced its worst week in over a year, dragging down crypto mining stocks with it. The Nasdaq Composite fell 1.47% to close at 25,881.95 on July 16, with technology stocks declining by 1.8%. The Philadelphia SE Semiconductor Index (SOX) dropped around 4.3%, extending losses to approximately 4.8% the following session.

The SOX index has officially entered bear market territory, having declined about 20% from its late June highs. Over $1 trillion in semiconductor-related market value had evaporated by the peak of the selloff.

AMD was among the hardest hit individual names, shedding around 7.8% during the downturn. Intel reported second-quarter 2026 revenue of $16.1 billion, representing a 25% increase year over year, driven in part by AI-related demand.

Crypto mining companies like MARA Holdings and Riot Platforms have positioned themselves as AI and data-center plays, not just crypto operations. This dual identity means they trade with significant correlation to the broader chip and tech sector, leading to declines of around 5% amid the market pressure.