PHLX Semiconductor Sector

All these AI jitters crushed one of the hottest trades of the past few years, semiconductors.

The Philadelphia Semiconductor Index, which contains a basket of the biggest chip companies, dropped 7.2% on Friday.

Toby, this is a precarious time for AI companies.

Investors are no longer handing them a long leash, and when they fail to show how their massive AI investments are paying off, the carnage is spectacular.

Those who own funds tracking the major indexes likely had a rough October as the S&P 500 index slipped roughly 1% and the tech-packed Nasdaq 100 fell nearly 7% for the month.

The PHLX Semiconductor Index finished October down roughly 15% and nearly 30% off its June highs.

A late October rally was dashed in the final two trading days of the month.

Despite the pressure on tech, third quarter earnings data continued to paint a positive picture.

Chipmakers came under pressure as well, with NVIDIA off 4.2% and advanced microdevices down 10.9%.

Memory chip stocks, Western Digital and Micron Technology fell 7.4% and 6.7% respectively.

The PHLX Semiconductor Index fell 7.2% to 10,688, below its 200-day moving average of 10,766.

Investors appeared to gravitate toward non-AI and tech names.

The tech-heavy Nasdaq tumbled 3.5% last Friday, briefly entering technical correction territory.

Meanwhile, the Philadelphia Semiconductor Index plunged over 7%, and Intel suffered its steepest single-day drop in over four decades.

The massive pullback stems from growing impatience among investors.

Earnings from giants like Alphabet and Amazon are fueling concerns that heavy AI spending is actually eroding the core businesses needed to finance it.

The Nasdaq... tumbled 3.5% on Friday at single worst session since June.

We also saw the Philadelphia Semiconductor Index slumping 7.2% as Amazon and Intel's disappointing earnings compounded the AI spending anxiety already kicked off by Alphabet's miss on Wednesday night.

The session's dominant dynamic today, the continuation of last week's rotation Materials and IT are the clear laggards as the AI trade unwinds to some degree, while real estate and consumer discretionary names are finding buyers domestically.

The RBA has commenced its two-day policy meeting today.

The Nasdaq... tumbled 3.5% on Friday at single worst session since June.

We also saw the Philadelphia Semiconductor Index slumping 7.2% as Amazon and Intel's disappointing earnings compounded the AI spending anxiety already kicked off by Alphabet's miss on Wednesday night.

The session's dominant dynamic today, the continuation of last week's rotation Materials and IT are the clear laggards as the AI trade unwinds to some degree, while real estate and consumer discretionary names are finding buyers domestically.

The RBA has commenced its two-day policy meeting today.

The crash, which shaved an estimated US$17 billion from the holdings of major shareholders, the US government and Nvidia, deepened fears of an artificial intelligence bubble and helped Apple surpass Nvidia as the world's largest company.

the Philadelphia Semiconductor Index sank about 7.2%, and TSMC's American Depository Receipts fell roughly 6%, while Taiwan's futures market dropped 867 points overnight, leaving the Thai ex facing further losses when trading resumes on Monday.

That wraps up today's briefing.

We hope you found this episode of the Taiwan Daily News Podcast informative.

Engineers from a maintenance business on a colliery site selling software to the biggest food manufacturers in the world, exporting to America and Japan within three years of incorporation.

and raising its growth capital in sheffield and london rather than selling itself to someone in boston aim is simplifying its requirements and remains the place where a company like this can raise its next round in public the market is the case the company is the illustration yorkshire ai labs where i am managing partner is a significant shareholder now for those of you who think the tech trade is turning week in the market first the nasdaq 100 touched 10 below its 6th of october record on friday afternoon before closing 9 below it the nasdaq composite had its worst day since june and finished october down 5.3 percent its worst month since march 2025 the philadelphia semiconductor index fell 7.2 on friday and 15.4 over the month the cause was the bill alphabet guided this year's capital spending to between $195 and $205 billion, reported negative free cash flow and lost about 13% on Thursday, its worst day on record.

Amazon followed with about $220 billion for 2026 and meaningfully more next year.

Meta's free cash flow turned negative last week for the first time since 2012.