Chip stocks wiped out approximately $2 trillion over eight trading days, setting the longest consecutive decline record since 2008.

According to a CNBC Investment Committee panel discussion, members hold sharply divergent views on the recent sell-off. One side argues that high yields are pressuring debt-financed "neocloud" compute leasing firms, with pressure expected to ease if yields decline by 0.5 to 0.75 percentage points. The other side considers the hedge funds' reduction in chip stocks a benign adjustment, noting that November and December are typically seasonal tailwinds for the equity market. Expectations among committee members regarding the peak timing for AI spending range from one to four years.