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Netflix posted Q2 2026 revenue of $12.56 billion, just shy of the $12.6 billion Wall Street expected, while Q3 guidance of $12.86 billion fell well below the $13 billion consensus. Shares tumbled 11% and hit a 52-week low. Adding to the pain: the PHLX Semiconductor Index is now down roughly 20% from its late-June peak, entering bear market territory. Is this a broader tech earnings reality check? Not financial advice.