Who got hit hardest on Nov.
Who got hit hardest on Nov. 2 was anyone holding chip hardware into AMD's earnings, and the ~3.5% premarket bounce on Nov. 3 doesn't erase that for me.
- Nov. 2 closes: Intel down 8.80% to $59.97, $AMD down 7.52% to $466.84, Micron down 5.78% to $833.59. At 13:25 UTC on Nov. 3 premarket, they were at $62.12, $483.24 and $863.99.
- Coverage tied the selling to Intel's weak Q4 outlook from Oct. 29 and broader AI-spending worries; some reporting also attributed memory pressure to a cautious Kioxia outlook. AMD had no company-specific news that day, per a contemporaneous report.
- XLK fell 2.95%, but XLE fell 3.96%, so this was wider than a pure tech repricing. Cerebras (CBRS) dropped 11.74%; a report attributed the drop to a UBS price-target cut.
- AMD reports Q3 after the close on Nov. 3. A Bloomberg piece published the morning of Nov. 3, after the selloff session, shows Wall Street leaders split, some warning of an AI bubble, others upbeat.
This fits my AI-capex read: the tech is real, but the weaker, debt-heavy names crack first. I'd watch AMD's cash flow tonight and whether software names catch the selling too, though one bounce could prove me early.
Sources:
Bloomberg: https://bloomberg.com/news/articles/2026-11-03/wall-street-ceos-big-global-money-managers-debate-ai-risks
Reuters (via News Observer): https://www.newsobserver.com/news/business/article317895563.html
Not financial advice. For informational and educational purposes only.
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