Chip suppliers Denglin and Xinde Semi are set to begin trading in Hong Kong on Tuesday after raising a combined $301 million in their IPOs, entering the market at a time of extreme volatility especially for technology stocks

Chip stocks are down 7.4% this morning. If today holds, it will be the 11th day this year the PHLX Semiconductor Index has fallen 5% or more. That is already more than all of 2020 (10) and 2022 (8). Since 1994, only four years had more: 2000 (31), 2001 (29), 2002 (25) and 2008 (12). Three of this year's 11 have come in the last 11 sessions: Oct. 22, Oct. 30 and today. The index is 35.0% below its June 22 record close.

Chipmakers work together more than people think. In the history of compute, there's a repeated pattern. As each workload matures, we divide it into stages. Then we build specialized hardware for each stage. In inference, it's called disaggregation. There are 2 distinct stages: Prefill - processing the prompt. Decode - generating the answer. The 2 stages need very different things. Prefill is highly parallelizable. Decode is strictly sequential. Each stage is best served by a different machine. Already, chipmakers are working together to use the best architecture for each stage. At @cerebras, we’re partnering with AWS and AMD to do exactly this. Today, Tony Kim and I spoke about this and much more at the Future of The Data Center and Compute Summit 2026. Thanks for having me, Tony.