Volatility in Chip Sector Continues | Closing Bell

Bloomberg's 'Closing Bell' anchors discuss a broad market selloff led by chip stocks, with defensive and energy sectors gaining. They highlight volatility in the semiconductor space, a rotation into mega-cap hyperscalers, and notable movers across various sectors. The program also touches on Treasury yield rises tied to oil and Middle East concerns, a Nobel economist's skepticism on AI-fueled productivity, and structural pressure in the natural diamond industry from lab-grown alternatives. - Major U.S. equity indices fell, with Nasdaq 100 down 1.8%, while S&P 500 breadth was mixed with 284 gainers - Semiconductor stocks led declines after Samsung's weak preliminary results; Intel dropped 10% - Energy and healthcare sectors outperformed; Cognizant, Fiserv, and Agios Pharmaceuticals posted sharp gains on company-specific news - Rivian tumbled 18% after announcing a 75-million-share offering, raising dilution fears - Treasury yields rose ~7bp across the curve, driven by higher oil prices and Middle East tensions - Nobel economist Christopher Pissarides warned AI might not deliver a productivity surge, contradicting bullish tech narratives - DeBeers cut diamond prices significantly, reflecting pressure from lab-grown diamonds and weakened natural diamond demand