Nasdaq loses $2 trillion in a day; semiconductor index posts biggest single-day drop since 2020
At the close on November 5 (U.S. Eastern Time), the Nasdaq Composite fell 5.52%, down more than 10% from its record close on October 6, confirming it had entered a technical correction. The S&P 500 fell 4.36%, the Dow fell 3.44%, and all 11 sectors declined, with technology down 7.3%.
The Philadelphia Semiconductor Index closed down 12.25%. Reuters said it was the biggest single-day drop since March 2020 and the second-largest ever. The Nasdaq lost about $2 trillion in market value in a single day, while the combined market value of S&P 500 constituents fell by about $3 trillion.
All eight target companies closed lower: SanDisk -22.26% to $806.43, AMD -17.26% to $404.40, Western Digital -17.35% to $267.63, Dell -14.89% to $316.91, Broadcom -10.43% to $291.53, Intel -10.33% to $52.25, Oracle -6.93% to $115.16, and Google -2.20% to $282.57.
The sell-off was triggered not by earnings, but by regulatory concerns following the midterm elections: Democrats swept both chambers of Congress and key gubernatorial races, prompting market worries that tighter regulation could slow AI data center construction. Opposition in data center hubs such as Texas and Georgia is a key focus. A secondary catalyst was Qualcomm’s weaker-than-expected mobile chip sales following its earnings report: Q4 mobile chip revenue fell 26% year over year to about $5.14 billion, below expectations of $5.25 billion, and its share price fell 9.49%.
The after-hours snapshot showed signs of a rebound: AMD +2.83%, SanDisk +4.28%, and Dell +2.24%.
This sell-off is pricing in regulatory expectations, not fundamentals: AMD’s third-quarter revenue was $13.4 billion, up 45% year over year, with data center revenue nearly doubling. The earnings themselves have not deteriorated. The next two weeks will be a test: if Democrats fail to produce a specific bill restricting data centers, half of the oversold losses will be recovered by the end of November; if a federal-level restriction proposal emerges, the Philadelphia Semiconductor Index will test below 9011 again.
$AMD $SNDK
#AI抛售 #USStocksPlunge
At the close on November 5 (U.S. Eastern Time), the Nasdaq Composite fell 5.52%, down more than 10% from its record close on October 6, confirming it had entered a technical correction. The S&P 500 fell 4.36%, the Dow fell 3.44%, and all 11 sectors declined, with technology down 7.3%.
The Philadelphia Semiconductor Index closed down 12.25%. Reuters said it was the biggest single-day drop since March 2020 and the second-largest ever. The Nasdaq lost about $2 trillion in market value in a single day, while the combined market value of S&P 500 constituents fell by about $3 trillion.
All eight target companies closed lower: SanDisk -22.26% to $806.43, AMD -17.26% to $404.40, Western Digital -17.35% to $267.63, Dell -14.89% to $316.91, Broadcom -10.43% to $291.53, Intel -10.33% to $52.25, Oracle -6.93% to $115.16, and Google -2.20% to $282.57.
The sell-off was triggered not by earnings, but by regulatory concerns following the midterm elections: Democrats swept both chambers of Congress and key gubernatorial races, prompting market worries that tighter regulation could slow AI data center construction. Opposition in data center hubs such as Texas and Georgia is a key focus. A secondary catalyst was Qualcomm’s weaker-than-expected mobile chip sales following its earnings report: Q4 mobile chip revenue fell 26% year over year to about $5.14 billion, below expectations of $5.25 billion, and its share price fell 9.49%.
The after-hours snapshot showed signs of a rebound: AMD +2.83%, SanDisk +4.28%, and Dell +2.24%.
This sell-off is pricing in regulatory expectations, not fundamentals: AMD’s third-quarter revenue was $13.4 billion, up 45% year over year, with data center revenue nearly doubling. The earnings themselves have not deteriorated. The next two weeks will be a test: if Democrats fail to produce a specific bill restricting data centers, half of the oversold losses will be recovered by the end of November; if a federal-level restriction proposal emerges, the Philadelphia Semiconductor Index will test below 9011 again.
$AMD $SNDK
#AI抛售 #USStocksPlunge