Three stealth stock market events are raising concerns for investors. The Philadelphia Semiconductor Index has fallen 15.95% below its mid-June highs, reaching its lowest level in nearly a month. The 30-year Treasury yield closed above 5% for the first time in nearly a month at 5.06%. South Korea's Kospi index, the world's best-performing market this year, entered a bear market on Wednesday, plunging 20% from its peak of 9,386 amid valuation worries. The moves come as US–Iran tensions intensify and stellar chip earnings trigger profit-taking, sparking fears that the AI data center build-out cycle may be peaking.