AI-chip trade attempts a rebound after SOXX enters a 20% correction

AMD, Nvidia, Intel, Micron, Marvell, SanDisk and optical-networking names rose in July 20 premarket trading, indicating tentative capital rotation back into AI infrastructure after a severe selloff. The rebound follows a roughly 20% decline in the iShares Semiconductor ETF from its June 22 record and an 18%-plus July decline in the Philadelphia Semiconductor Index. The immediate debate is whether cheaper Chinese AI models weaken compute demand or merely improve AI economics and expand usage.