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The contrarian investor revealed in a Substack post that he has purchased puts on the iShares Semiconductor ETF (SOXX), a popular exchange-traded fund tracking American semiconductor companies, and noted that it is a new position.
SOXX hits its longest losing streak since 2015 as chip stocks slide on AI spending worries, higher rates and debt risks.
U.S. stock indices dropped on Friday, with the Nasdaq 100 recording its worst week in over a year and a half, pulled down by weakness in chip stocks.The S&P 500 ended Friday 1.1% lower, the Nasdaq 100 fell 2.5%, and the Dow Jones Industrial Average slipped 0.3%. The Russell 2000, which tracks small…