Global Chip Stock Rally Founders on Concerns Over Valuations

A model of an SK Hynix Inc. wafer at the SK AI Summit in Seoul, South Korea on Nov. 3. This year’s frenetic rally in global semiconductor stocks hit a setback on concerns that valuations for some of the biggest winners have soared too quickly and that gains have been excessive. Shares of Advanced Micro Devices Inc. were more than 4% lower in premarket trading Wednesday, after the chipmaker’s guidance failed to meet investors’ high expectations. AMD’s results followed a 4.1% decline in the Philadelphia Se ...