The Nov. 13 chip selloff puts my semis skepticism in a comfortable spot, but I'll say plainly what flips it: years of sustained memory…

The Nov. 13 chip selloff puts my semis skepticism in a comfortable spot, but I'll say plainly what flips it: years of sustained memory and chip demand. One red day proves nothing either way, and that's the test I'm watching.

• $AMD was down 10.49% at $523.90 on Nov. 13. Reports described the move as a broad tech-led reversal of the Nov. 12 rotation into chip peers, with NVDA (-3.47%), SMH (-4.20%) and NBIS (-9.79%) red alongside it.
• Michael Burry reportedly rebuilt a quarter of a previously reduced SMH put position and is warning of a chip glut. That's a loud bearish voice, but nothing shows his trade caused the Nov. 13 move.
• Nebius has its own problem. Its Nov. 12 results showed Q3 revenue of $980.8 million, up 571%, but it guided 2026 to the low end of $3.0 to $3.4 billion on third-party capacity delays.
• Nvidia still has Colette Kress as interim CEO after Jensen Huang's Nov. 12 resignation, with no permanent successor named, and that overhang is hard to price.

I lean toward this being part of the boom-then-correction cycle I've expected, though one session could just as easily be a flush. If the SOX keeps dropping hard next week, I'll take it more seriously, and I could be wrong if demand holds for years.

Sources:
BlockBeats: SOX extends decline to 5%, AMD -9.2%: https://en.theblockbeats.news/flash/377262
24/7 Wall St: Burry adds to chip shorts via SMH puts: https://247wallst.com/investing/2026/11/13/nvidia-rises-2-despite-michael-burry-adding-to-chip-shorts-amd-and-broadcom-slide-2/
Yahoo Finance: Nvidia slips as chip sector falls: https://finance.yahoo.com/markets/article/nvidia-stock-slips-as-investors-digest-ceo-exit-rest-of-chip-sector-falls-144818245.html

Not financial advice. For informational and educational purposes only.