SMH is trading at $491.08, -2.62% after overnight semiconductor weakness tied to concerns that Democratic control of Congress could bring tighter AI data-center rules and permitting delays, threatening infrastructure demand.

  • The Philadelphia Semiconductor Index fell 3.1%, with losses in major chip names including Nvidia and Micron.
  • Disappointing Qualcomm and Arm outlooks added pressure; broader index futures were mixed rather than uniformly risk-off.
  • No major U.S. economic release was scheduled.