Chip Stocks Crash Again as Jobs Market Cools; Rivian Surges

Shares of major chipmakers fell sharply again on Wednesday, extending a recent losing streak. The decline came alongside new data showing a cooling U.S. jobs market, which raised concerns about slowing demand for semiconductors. The Philadelphia Semiconductor Index dropped more than 3%, led by losses in industry giants like Nvidia and AMD. Investors worry that weaker hiring could mean fewer orders from key customers such as automakers and data centers. Separately, electric-vehicle maker Rivian rallied more than 5% after announcing a new partnership with a major charging network. The deal is expected to boost consumer confidence in the company’s long-term viability. Analysts say the mixed signals—falling chip stocks but rising EV shares—reflect a market trying to balance slowing growth with pockets of optimism.