New Delhi, June 8 -- The number that detonated the semiconductor market last week was not a loss. It was not a warning. It was a forecast of 200 percent year-over-year growth in AI chip revenue - and Wall Street still sold everything in sight.

revenue of $22.2 billion, up 48 percent year over year, adjusted earnings per share of $2.44 against a $2.40 consensus - and then offered guidance that projected its AI semiconductor revenue would nearly double from $10.8 billion to $16 billion in the current quarter. By any prior standard, that would have been a triumph. What it was instead was $1.2 billion short of what analysts had modeled, and markets responded as if the AI trade itself had been put under review.

The Philadelphia Semiconductor...