$Teradyne(TER.US), $Aehr Test(AEHR.US), and $Amkor Tech(AMKR.US) all fell by double digits, with the Philadelphia Semiconductor Index declining for a second consecutive day.

There was no specific negative news for any of these companies this time; it's just a collective valuation digestion after the SOX surged nearly 90% in Q2—the market is starting to question whether the optimistic AI pricing narrative has pushed valuations too far. The equipment and packaging/testing segments have high beta, so they're always the first to get hit during a pullback. What can truly disprove this is the order and gross margin guidance from these companies in Q3; before that, it looks more like pure portfolio rebalancing.