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AI Chips & Compute

Stocks Fall on Rising Yields, Oil Prices Amid AI Trade Volatility, CNBC Says

U.S. stocks snapped winning streaks as rising bond yields and oil prices pressured the market, while AI trade volatility hit chip and infrastructure shares, CNBC reported.

AI News Feed · 2026-08-23 01:16

Much of the pressure came from the bond market, where long-term yields surged to levels not seen in nearly two decades. Tensions with Iran pushed oil prices higher, reviving concerns about persistent inflation. The Treasury Department made an unusual announcement Wednesday, saying it would more than double the size of its buybacks of longer-dated government debt. Yields initially fell and stocks rallied, but the relief proved short-lived, with yields climbing again Thursday and Friday as higher oil prices kept inflation worries alive, CNBC said.

The AI trade also had a rocky week, with political backlash to data centers possibly playing a role. Pennsylvania Gov. Josh Shapiro issued an executive order Tuesday imposing tough standards on data center developments in the state. CNBC's Jim Cramer questioned whether these restrictions would materially slow the buildout or amount mostly to election-year rhetoric. Uncertainty hit infrastructure names particularly hard, with GE Vernova and Eaton down 10% and 7.2%, respectively, for the week.

In semiconductors, Broadcom shares fell 4% Wednesday after rival Marvell Technology announced an expansive partnership with Alphabet's Google, its flagship custom-chip customer. Marvell has a deal to supply technology tied to Google's TPU ecosystem, validating concerns that Google will diversify its suppliers. CNBC said the club would not abandon Broadcom. Bloomberg reported Friday that Broadcom is in talks to raise more than $60 billion in debt for an AI financing deal, involving a special-purpose vehicle that would use the borrowed money to buy Broadcom chips and lease them to a tenant such as Anthropic. Broadcom shares rose Friday but remained on track for a roughly 6.2% weekly decline.

CNBC also added Cadence Design Systems to its Bullpen after CEO Anirudh Devgan appeared on "Mad Money." Cadence provides software and tools for semiconductor design and works with Nvidia and Broadcom, while its relationship with Intel is expanding under CEO Lip-Bu Tan. Cadence shares have fallen about 23% from their early June high, partly on concerns that AI could disrupt traditional chip-design software, but the company sees agentic AI increasing demand.

Memory stocks sold off sharply Tuesday. CNBC initiated Micron on Aug. 11 and considers it a high-conviction AI play. Jim visited Micron's new semiconductor fab site in Boise, Idaho, and CEO Sanjay Mehrotra reinforced the view that this memory cycle could be different from historical boom-and-bust periods. AI is making memory more critical to system performance, with customers working with suppliers earlier in the design process. Long-term agreements, including 16 deals disclosed in June, give Micron greater visibility into future demand.