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The Chip Index Fell 7.2% in a Day. Where Did the Damage Land?

The Philadelphia chip index fell 7.2% on Friday. Intel and its processor rivals fell hardest, analog chipmakers least, and Nvidia did the most damage to the S&P 500.

Dev Malhotra·31 Oct 2026, 10:28 a.m. ET·4 min read
Part of the running storyWhy Memory Stocks Have Fallen for Four Months While Profits Hit Records
Friday's selling reached nearly every corner of the chip industryShare price change on Friday 30 October, close to close, %
Monolithic Power Systems+1.1%Analog Devices−3.7%Nvidia−4.2%Micron Technology−5.3%Broadcom−5.5%Taiwan Semiconductor−6.0%ASML−6.5%Western Digital−7.4%Applied Materials−7.5%Seagate Technology−8.0%HP−9.6%Arm Holdings−10.0%Marvell Technology−10.1%Dell Technologies−10.8%AMD−10.9%Astera Labs−10.9%Qualcomm−11.1%Sandisk−13.5%Intel−28.6%Monolithic Power Systems+1.1%Analog Devices−3.7%Nvidia−4.2%Micron Technology−5.3%Broadcom−5.5%Taiwan Semiconductor−6.0%ASML−6.5%Western Digital−7.4%Applied Materials−7.5%Seagate Technology−8.0%HP−9.6%Arm Holdings−10.0%Marvell Technology−10.1%Dell Technologies−10.8%AMD−10.9%Astera Labs−10.9%Qualcomm−11.1%Sandisk−13.5%Intel−28.6%
Source: Nasdaq daily closes

On Friday, 30 October, the Philadelphia Semiconductor Index fell 7.2%, NBC News and Reuters reported, the day after Intel (INTC) issued a weak forecast and warned that a shortage of memory chips is choking demand for PCs (our market wrap). The selling reached almost every kind of chip company: of the chip and chip-equipment stocks we cover, only Monolithic Power Systems (MPWR) rose.

The index was on track for a monthly loss of more than 15%, Reuters reported. Here is where Friday’s damage landed, group by group, using our closing prices.

Intel and its processor rivals fell hardest

Intel plunged 28.6%, its worst day since 1974, Benzinga and CNN reported. Its rivals in processors, Qualcomm (QCOM), AMD (AMD) and Arm (ARM), each fell about 10% to 11%.

Even without Intel, those three fell 10.7% on average, more than any other group. None of them had reported anything new (our story).

Processor makers fell hardest, analog chipmakers leastAverage share price change by group on Friday 30 October, close to close, %
Intel, AMD, Qualcomm, Arm−15.1%Memory and storage−8.5%AI and networking chips−7.9%Servers and PCs−7.8%Chip equipment−6.6%Analog chips−3.9%Intel, AMD, Qualcomm, Arm−15.1%Memory and storage−8.5%AI and networking chips−7.9%Servers and PCs−7.8%Chip equipment−6.6%Analog chips−3.9%
Source: Mostly Markets calculation from Nasdaq daily closes; the groups are listed in the text

The groups: memory and storage is Micron, Sandisk, Western Digital and Seagate; AI and networking is Nvidia, Broadcom, Marvell, Astera Labs and Credo; servers and PCs is Dell, HP, Hewlett Packard Enterprise and Supermicro; equipment is Applied Materials, Lam Research, KLA, ASML and Teradyne; analog is Analog Devices, NXP, Microchip and ON Semiconductor.

Memory and storage fell despite strong results

Sandisk (SNDK) plunged 13.5%, the day after it beat estimates (our story).

The hard-drive makers Seagate (STX) and Western Digital (WDC), and Micron (MU), fell between 5% and 8%. In Seoul, SK hynix had already fallen more than 7% before New York opened (our story on Seoul’s week).

AI chips fell less, except the network makers

Nvidia (NVDA) fell 4.2% and Broadcom (AVGO) 5.5%.

The makers of chips that move data inside AI data centers fell harder. Marvell Technology (MRVL) and Astera Labs (ALAB) fell about 10% to 11%, and Credo Technology (CRDO) 8.7%.

Chipmaking machines and TSMC fell about 6% to 7%

The companies that sell chipmaking equipment, Applied Materials (AMAT), Teradyne (TER), ASML (ASML), Lam Research (LRCX) and KLA (KLAC), fell 5.7% to 7.5%.

Taiwan Semiconductor’s shares fell nearly 2% in Taipei, where trading ended before New York’s selloff, Reuters reported. Its US-listed shares (TSM) then fell 6.0%.

Server and PC makers took Intel’s PC warning

Dell (DELL) plunged 10.8% and HP (HPQ) 9.6%, as Intel’s warning about the PC market hit the companies that build PCs (our Dell story).

Server makers Hewlett Packard Enterprise (HPE) and Supermicro (SMCI) fell less, by 6.4% and 4.3%.

Analog chips held up best

Analog Devices (ADI), NXP Semiconductors (NXPI), Microchip Technology (MCHP) and ON Semiconductor (ON) fell 2.4% to 4.7%. Monolithic Power Systems rose 1.1%.

Nvidia did the most damage to the S&P 500

Percentage moves understate what the biggest companies did to the market.

Four chipmakers did more than 40% of the S&P 500's fallEach stock's contribution to the S&P 500's move, in percentage points. Together our estimate comes to −1.80%
NVDA−0.31 ptsINTC−0.20 ptsAMD−0.14 ptsAVGO−0.13 ptsAAPL−0.09 ptsMSFT−0.09 ptsMU−0.08 ptsXOM+0.02 ptsWMT+0.03 ptsLLY+0.06 ptsNVDA−0.31 ptsINTC−0.20 ptsAMD−0.14 ptsAVGO−0.13 ptsAAPL−0.09 ptsMSFT−0.09 ptsMU−0.08 ptsXOM+0.02 ptsWMT+0.03 ptsLLY+0.06 pts
Mostly Markets estimate from Nasdaq closes and CNBC market values

By our estimate from Nasdaq closes and CNBC market values, Nvidia’s drop took 0.31 point off the S&P 500, more than Intel’s 0.20 point.

Together, Nvidia, Intel, AMD and Broadcom accounted for more than 40% of the index’s 1.82% fall, and the chip stocks in the index for more than half of it.

In dollars, Nvidia lost about $217 billion of market value on Friday and Intel about $139 billion, by our estimate. Benzinga and Tom’s Hardware put the day’s loss across chip stocks at about $1 trillion.

Our read

We think Friday’s damage followed two lines: exposure to PCs, and how far a stock had run. Intel, AMD, Marvell and Arm had all more than doubled this year before Friday, and each fell about 10% or more.

The rule wasn’t perfect: Micron, up 227% this year before Friday, fell 5.3%. But the analog chipmakers, which had risen far less, fell least. That looks to us like investors cutting their biggest winners on a scare, not a verdict on AI demand: Nvidia, whose chips that demand pays for, fell 4.2%.

What’s next

  • Monday, 2 November: Seoul’s first session since Friday’s selloff in New York.
  • Tuesday, 3 November: AMD reports after the close, with its call at 5 p.m. ET (our preview). Supermicro also reports after the close.
  • Wednesday, 4 November: Arm and Qualcomm report after the close. Qualcomm’s call starts at 4:45 p.m. ET and Arm’s at 5 p.m. ET (the week ahead).

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Mostly Markets is for information and education only and isn't investment advice. Dev Malhotra is a pen name. Prices are from Nasdaq and CNBC as of the time stated.

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