The Direxion Daily Semiconductor Bull 3X Shares (SOXL) shares dropped steeply on Monday as investors withdrew funds from chip-related ETFs. Cause: growing doubts over whether big tech companies can still pull in gains from money inject[ed] into AI projects. Chip makers headed toward a bear market after months of gains powered by AI chip demand. Analysts say plenty of dollars is going into AI capabilities while consumer spending slows. SOXL, which tracks near 30 semiconductor firms, lost value as the wider sector dropped over three percent from Friday's close.