EL7.AI
StocksMediumUpdated•Originally published 18 July 2026•Updated 18 July 2026•
2 min read

Semiconductor Index Hits Bear Market as Apple Reclaims World's Top Valuation

iPhone with a crown next to a broken SOX logo and a red downward arrow showing -20% on an orange background.

Key Facts

1The PHLX Semiconductor Index officially entered a bear market, closing more than 20% below its June peak.
2Apple stock hit a record intraday high on Friday, overtaking Nvidia to reclaim its position as the world's most valuable company.

In a move reflecting a sharp divide within the tech sector, the PHLX Semiconductor Index has officially entered bear market territory after retreating more than 20% from its June peak. Despite this sectoral slump, Apple shares hit a new record intraday high on Friday, allowing the company to overtake Nvidia and reclaim its title as the world's most valuable company. This divergence highlights Apple's individual resilience amid a deepening downturn across the broader chip manufacturing landscape.

The semiconductor struggle is underscored by performance in key constituents; Nvidia closed at $202.81 and TSM at $398.37 per market data (close July 17, 2026). Peer comparisons show widespread pressure across the industry, with AMD closing at $500.94 and INTC at $96.98 (close July 16, 2026). Conversely, Apple has benefited from safe-haven flows within the growth sector, outperforming other "Magnificent Seven" peers such as Microsoft, which finished at $393.82 (close July 17, 2026).

Traders should watch for support levels as Apple shares closed at $333.74 after reaching an intraday high of $334.99 (close July 17, 2026). With no major upcoming catalysts in the immediate economic calendar, market focus will remain on whether Apple can sustain its record momentum while the semiconductor index tests new technical lows, particularly as Nvidia remains just above the $200 psychological level.