AI and chip stocks shed roughly $1.3 trillion on Friday, the semiconductor sector’s worst day since 2020, after a hot jobs report spiked interest-rate fears and Broadcom’s outlook rattled the chip trade. The sharpest people in finance flatly disagree on what it means: the bubble finally cracking, or profit-taking after a euphoric run. Here is the case for each, with the receipts. You decide.
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