British "anti-tech stocks" surged to a historic high amid a chip sell-off

The British FTSE 100, which tracks the performance of the country’s 100 largest companies, reached an all-time high on July 29, the Financial Times (FT) noted: “The ‘anti-tech’ index surged amid a global collapse in the semiconductor market,” the newspaper notes.

At the start of trading on Wednesday, the FTSE 100 jumped 0.7% to 10,951 points, surpassing its previous record of 10,934 points set in late February. At the time of publication, it had lost some of its gains and was up 0.3% from the previous close.

The British stock index reached a record high amid a significant sell-off of semiconductor stocks worldwide: Investors are divesting from microchip and memory chip manufacturers and diversifying their portfolios by investing in “safe-haven” assets, including stocks in the FTSE 100 index. The index is relatively less dependent on AI-related tech companies—financial and energy firms account for a significant share of the index, notes the FT.

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