Tech Selloff Deepens on Apple-CXMT Chip Rumor and Alibaba's $10.2B Share Sale

US stocks opened the week sharply diverging: the Dow Jones Industrial Average rose about 0.2% to 53,374.96, the lone major index in the green, while the S&P 500 slipped 0.35% to 7,647.82 and the Nasdaq Composite fell 0.71% to 25,995.05 as investors rotated out of high-flying AI-linked tech names into defensive and value sectors. Semiconductor stocks led the declines on reports that Apple is testing chips from China's CXMT as an alternative supplier, while Alibaba's announcement of a $10.2 billion share sale to fund AI infrastructure investment added further pressure on the sector. Gold rose about 1% toward three-month highs on 'debasement trade' concerns tied to US debt levels, and bitcoin surged over 3%. The moves came at the start of a closely watched week featuring Nvidia's Wednesday earnings report and the Fed's Jackson Hole symposium later in the week.