# Why Are Chip Stocks Falling? The Numbers as of Nov 5, 2026

> How far every chip stock in the S&P 500 and Nasdaq‑100 sits below its 2026 high, what was reported about why, what leverage did, and what the next dated test is. No single cause is established.

Source: https://www.exent.ai/resources/why-are-chip-stocks-falling · Reviewed by David, Senior Analyst, Exent · Published Nov 6, 2026 · Updated Nov 9, 2026

## Key takeaways

- At the Nov 5, 2026 close, the main US chip index was 38.4% below its Jun 22 record, past the usual 20% bear‑market line. Reports cite AI spending fears, weak forecasts and forced selling. No single cause is established.
- Of 26 chip and memory stocks in the S&P 500 and Nasdaq‑100, 22 closed at least 20% below their 2026 high and 12 at least 50%. Sandisk (−65.5%), Western Digital (−64.1%) and Intel (−62.9%) fell most. Yet 22 of the 26 are still up for 2026.
- Nov 5 alone took 12.2% off the chip index, its second‑worst day in data back to May 1994; only Mar 16, 2020 was worse. The S&P 500 fell 4.4%.
- Leverage multiplied it: the 3x fund SOXL fell 38.7% on Nov 5 and is 86.4% below its Jun 22 close, against 33.1% for the unleveraged SMH fund.
- The median gap to consensus targets is +81.6%, up from +63.8% a day earlier on the same targets. That shows the price fell, not that a stock is cheap. The next dated test is Nvidia’s report on Nov 17.

## Why are chip stocks falling?

As of the Nov 5, 2026 close, the PHLX Semiconductor index (SOX), the main US chip index, is 38.4% below its Jun 22 record close of 14,634.72, well past the 20% line usually called a bear market. Reports point to fears of slower AI building, weak company forecasts, financing worries and forced selling, but no single cause is established. This is where each stock stands.

| Company | Ticker | Nov 5 close | Nov 5 move | Below 2026 high | Date of high | 2026 YTD |
| --- | --- | --- | --- | --- | --- | --- |
| [Sandisk](https://www.exent.ai/stocks/sndk) | SNDK* | $806.43 | −22.3% | −65.5% | Jun 25 | +239.7% |
| [Western Digital](https://www.exent.ai/stocks/wdc) | WDC* | $267.63 | −17.4% | −64.1% | Jun 18 | +55.5% |
| [Intel](https://www.exent.ai/stocks/intc) | INTC | $52.25 | −10.3% | −62.9% | Jun 22 | +41.6% |
| [Astera Labs](https://www.exent.ai/stocks/alab) | ALAB | $179.47 | −19.6% | −62.8% | Jun 30 | +7.9% |
| [Arm Holdings](https://www.exent.ai/stocks/arm) | ARM | $166.72 | −13.1% | −62.1% | Jun 18 | +52.5% |
| [Marvell Technology](https://www.exent.ai/stocks/mrvl) | MRVL | $133.55 | −16.4% | −57.8% | Jun 4 | +57.4% |
| [Seagate Technology](https://www.exent.ai/stocks/stx) | STX* | $466.53 | −16.3% | −57.4% | Jun 22 | +70.0% |
| [Lam Research](https://www.exent.ai/stocks/lrcx) | LRCX | $185.20 | −16.4% | −57.3% | Jun 30 | +8.5% |
| [KLA](https://www.exent.ai/stocks/klac) | KLAC | $129.80 | −13.3% | −57.0% | Jun 30 | +7.2% |
| [Teradyne](https://www.exent.ai/stocks/ter) | TER | $212.74 | −15.2% | −56.0% | Jun 30 | +10.0% |
| [Applied Materials](https://www.exent.ai/stocks/amat) | AMAT | $319.25 | −13.6% | −55.8% | Jun 30 | +24.7% |
| [ON Semiconductor](https://www.exent.ai/stocks/on) | ON | $63.01 | −11.6% | −53.0% | Jun 3 | +16.4% |
| [Micron Technology](https://www.exent.ai/stocks/mu) | MU | $656.39 | −17.5% | −45.9% | Jun 25 | +130.2% |
| [Broadcom](https://www.exent.ai/stocks/avgo) | AVGO | $291.53 | −10.4% | −39.5% | Jun 2 | −15.3% |
| [AMD](https://www.exent.ai/stocks/amd) | AMD | $404.40 | −17.3% | −37.7% | Oct 6 | +88.8% |
| [Qualcomm](https://www.exent.ai/stocks/qcom) | QCOM | $156.75 | −9.5% | −37.6% | May 29 | −6.9% |
| [Qnity Electronics](https://www.exent.ai/stocks/q) | Q | $110.04 | −7.4% | −37.3% | Jun 22 | +35.0% |
| [Microchip Technology](https://www.exent.ai/stocks/mchp) | MCHP | $64.85 | −13.9% | −37.0% | May 6 | +3.5% |
| [Monolithic Power Systems](https://www.exent.ai/stocks/mpwr) | MPWR | $1,131.43 | −10.3% | −33.0% | Jun 3 | +25.5% |
| [ASML](https://www.exent.ai/stocks/asml) | ASML | $1,356.65 | −9.3% | −31.8% | Jun 30 | +27.6% |
| [NXP Semiconductors](https://www.exent.ai/stocks/nxpi) | NXPI | $244.43 | −7.8% | −26.5% | May 26 | +14.1% |
| [Nvidia](https://www.exent.ai/stocks/nvda) | NVDA | $181.60 | −9.3% | −24.1% | Oct 6 | −2.4% |
| [Analog Devices](https://www.exent.ai/stocks/adi) | ADI | $361.01 | −11.1% | −19.0% | Jun 22 | +34.3% |
| [TE Connectivity](https://www.exent.ai/stocks/tel) | TEL | $206.36 | −6.3% | −16.7% | Apr 20 | −8.3% |
| [Texas Instruments](https://www.exent.ai/stocks/txn) | TXN | $278.15 | −10.7% | −16.3% | Jun 22 | +63.8% |
| Skyworks Solutions | SWKS | $81.21 | −2.1% | −11.2% | Sep 23 | +30.7% |
| PHLX Semiconductor index | SOX | 9,011.14 | −12.2% | −38.4% | Jun 22 | +27.2% |
| [iShares Semiconductor ETF](https://www.exent.ai/etfs/soxx) | SOXX | $131.90 | −12.1% | −39.6% | Jun 22 | +31.6% |
| [VanEck Semiconductor ETF](https://www.exent.ai/etfs/smh) | SMH | $447.73 | −11.2% | −33.1% | Jun 22 | +24.3% |
| [S&P 500 (SPY fund)](https://www.exent.ai/etfs/spy) | SPY | $733.00 | −4.4% | −5.9% | Oct 6 | +8.3% |

Sorted by fall from the 2026 high, on closes adjusted for splits. YTD starts at the Dec 31, 2025 close and includes dividends, except the index row. * means added by name, explained under How this was measured. Sandisk’s prices are pre‑split: [its board approved an 8‑for‑1 split](https://www.sec.gov/Archives/edgar/data/0002023554/000162828026068243/sndk-20261029.htm), with split‑adjusted trading expected from Nov 20.

## Which chip stocks fell most from their highs?

| 26 chip and memory lines, Nov 5, 2026 close | Value |
| --- | --- |
| Median, below 2026 high | −42.7% |
| 20% or more below 2026 high | 22 |
| 30% or more below | 20 |
| 40% or more below | 13 |
| 50% or more below | 12 |
| Median Nov 5 move | −12.3% |
| Fell on Nov 5 / fell 10% or more | 26 / 19 |
| Median 2026 YTD | +26.5% |
| Up for 2026 / down for 2026 | 22 / 4 |
| Set their 2026 high in June | 19 |

Sandisk, Western Digital, Intel, Astera Labs and Arm closed more than 62% below their highs, and 12 lines more than 50% below. Those closest to their highs are Skyworks, Texas Instruments and TE Connectivity. Only Broadcom, Qualcomm, TE Connectivity and Nvidia are down for the year. Sandisk is 65.5% below its high and still up 239.7%, so “down for the year” and “down from the high” answer different questions. The wider year is on [the best‑performing S&P 500 stocks of 2026](https://www.exent.ai/resources/best-performing-sp-500-stocks-2026).

Nvidia fell 9.3% on Nov 5 to $181.60 and is 24.1% below its Oct 6 high of $239.24, and only four lines here sit closer to their highs. Like AMD, it set that high on Oct 6; 19 of the 26 set theirs in June. Its own page is [Nvidia stock](https://www.exent.ai/stocks/nvda), and the data behind a decision on it is in [should I buy Nvidia stock now](https://www.exent.ai/resources/should-i-buy-nvidia-stock-now).

## Are semiconductors in a bear market?

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Yes, on the usual definition of a fall of 20% or more from a high: the chip index is 38.4% below its record close, while the S&P 500 is 5.95% below its own and has not reached even a correction. Bars show each Nov 5 close below its highest 2026 close, and the index highs are also records. The index first closed past −20% on Jul 17, then rose 26.5% from its Jul 29 low to within 9.7% of the record on Oct 6, the day the S&P 500 set its record. It has lost 31.8% since. To get back to the record from here it needs a gain of 62.4%; the arithmetic is in [loss recovery math](https://www.exent.ai/learn/loss-recovery-math).

| Date, 2026 | Chip index close | That day | Below record |
| --- | --- | --- | --- |
| Jun 22 (record) | 14,634.72 | +2.04% | 0.00% |
| Jul 17 (first close past −20%) | 11,673.89 | −1.63% | −20.23% |
| Jul 29 (low before October) | 10,447.49 | −5.33% | −28.61% |
| Oct 6 (S&P 500 record) | 13,217.82 | +0.34% | −9.68% |
| Oct 29 | 11,518.20 | −1.42% | −21.30% |
| Oct 30 | 10,688.80 | −7.20% | −26.96% |
| Nov 3 | 10,600.40 | +2.63% | −27.57% |
| Nov 4 | 10,268.65 | −3.13% | −29.83% |
| Nov 5 | 9,011.14 | −12.25% | −38.43% |

Since the data starts in May 1994, the index has had seven earlier falls of 20% or more on closes, each measured from a record until the next record. Five went deeper than this one has so far.

| Record close | Lowest close | Fall | Trading days down | Trading days from low to new record |
| --- | --- | --- | --- | --- |
| Sep 11, 1995 | Jul 24, 1996 | −52.3% | 220 | 196 |
| Aug 20, 1997 | Oct 8, 1998 | −53.0% | 286 | 70 |
| Mar 10, 2000 | Nov 20, 2008 | −87.2% | 2,188 | 2,266 |
| Mar 12, 2018 | Dec 24, 2018 | −26.0% | 199 | 68 |
| Feb 19, 2020 | Mar 18, 2020 | −35.0% | 20 | 55 |
| Dec 27, 2021 | Oct 14, 2022 | −46.5% | 202 | 293 |
| Jul 10, 2024 | Apr 8, 2025 | −39.7% | 187 | 106 |
| Jun 22, 2026 | Nov 5, 2026 so far | −38.4% | 96 | not known |

Seven cases do not set a pattern. The index took until Nov 21, 2017 to pass its March 2000 record. Recovery times ran from 55 to 2,266 trading days, and the index’s membership changed over time, so it does not show what happened to the companies it dropped. This is history, not a forecast of this fall’s end or depth.

## What is documented about why chip stocks fell?

A few dated events are documented; the reasons linking them to prices are other people’s explanations and are not proven. The sources below mostly address single days around late October and November. We have not sourced a cause for the fall from June to July 29.

**Documented: what happened.**

- **Forecasts.** [Intel guided on Oct 29](https://www.sec.gov/Archives/edgar/data/0000050863/000005086326000188/q326earningsrelease.htm) to Q4 revenue of $15.0 to $16.0 billion, after $16.5 billion in Q3, and an adjusted gross margin of 38.0%, down from 44.1%. It fell 28.6% the next day. [CNBC reported](https://www.cnbc.com/2026/11/05/qualcomm-earnings-chip-stocks-election.html) a disappointing current‑quarter forecast from Qualcomm, which fell 9.5% on Nov 5.
- **Votes on data centers.** [CNBC reported on Nov 4](https://www.cnbc.com/2026/11/04/apple-and-other-big-tech-stocks-surge-after-2026-midterm-elections.html) that voters sided against data centers in 40 of 41 local ballot measures on Nov 3.
- **Numbers that did not stop the fall.** [AMD reported on Nov 3](https://www.sec.gov/Archives/edgar/data/2488/000000248826000188/q32026991.htm) revenue up 45% to $13.4 billion and data center sales up 97%, and guided Q4 to about $17 billion. It rose 1.0% in the first session after the report, on Nov 4, then fell 17.3% on Nov 5. As of Oct 19, [FactSet estimated](https://insight.factset.com/are-magnificent-7-companies-still-top-contributors-to-sp-500-earnings-growth-for-q3) S&P 500 Q3 earnings growth at 29.0%, or 20.0% without Micron and Nvidia.

**Proposed: why it moved prices.**

| Reason offered | Who said it | Date | What it does not show |
| --- | --- | --- | --- |
| Election results raised concern that the AI buildout will slow | CNBC; Yahoo Finance | Nov 5 | These reports give no measured slowdown in chip orders |
| Rising rates, big capital needs, too much debt and too little revenue | CNBC | Nov 5 | Which companies, and how much of the fall |
| Investors demanding higher yields from heavily borrowed data center builders | Yahoo Finance | Nov 5 | A direct link to chip sales |
| Debt markets largely shut for AI‑only cloud companies | Elon Musk, as reported by CNBC | Oct 25 | It is one executive’s view, and about cloud companies, not chip makers |
| Doubts about AI spending, more than $1 trillion of tech value lost | Yahoo Finance, Nov 5, on Oct 30 | Oct 30 | How much of that was chips |
| Hedge funds locking in 2026 gains; “isn’t about a sudden deterioration in fundamentals” | Nomura’s Charlie McElligott, via Yahoo Finance | Nov 5 | It is a strategist’s reading of positioning |
| Forced selling by systematic and leveraged strategies, and institutions not buying | Vanda Research’s Viraj Patel, paraphrased by Yahoo Finance | Nov 5 | How large that selling was |

These do not fully agree. One says demand may slow, another says the selling is about positions rather than the business. [CNBC’s own summary](https://www.cnbc.com/2026/11/05/qualcomm-earnings-chip-stocks-election.html) is that investors were “looking past the numbers” and questioning whether growth can last. Price data show what fell and when, not why. How one link in this chain got here is in [why neocloud stocks fell in October](https://www.exent.ai/resources/neocloud-selloff-october-2026) and [what a neocloud is](https://www.exent.ai/resources/what-is-a-neocloud).

## Why are AI and data-center stocks down?

The companies that build and power data centers fell 9% to 15% on Nov 4, 2026, a day the S&P 500 rose 1.58%. The same day CNBC reported that voters sided against data centers in 40 of 41 local ballot measures on Nov 3, and quoted Baird analysts calling the results a “sentiment headwind” for AI cloud companies. We did not check each company’s own news, so the link is reported, not proven. This is where they closed.

| Company | Ticker | What it does | Nov 4 close | Nov 4 move | Nov 4 close to Nov 6 close |
| --- | --- | --- | --- | --- | --- |
| [Comfort Systems USA](https://www.exent.ai/stocks/fix) | FIX | Mechanical and electrical contractor | $1,091.31 | −15.08% | −6.8% |
| [Vistra](https://www.exent.ai/stocks/vst) | VST | Power generator | $120.29 | −13.83% | +3.7% |
| [NRG Energy](https://www.exent.ai/stocks/nrg) | NRG | Power generator and retailer | $83.25 | −13.52% | +6.1% |
| [Vertiv](https://www.exent.ai/stocks/vrt) | VRT | Data-center power and cooling equipment | $205.55 | −12.89% | −11.0% |
| [Quanta Services](https://www.exent.ai/stocks/pwr) | PWR | Grid and power-line contractor | $580.44 | −11.65% | −6.8% |
| [CoreWeave](https://www.exent.ai/stocks/crwv) | CRWV | AI cloud and data-center operator | $48.42 | −9.90% | −4.2% |
| [Eaton](https://www.exent.ai/stocks/etn) | ETN | Electrical equipment | $353.08 | −9.86% | −3.2% |
| [GE Vernova](https://www.exent.ai/stocks/gev) | GEV | Power turbines and grid equipment | $832.83 | −9.30% | −7.1% |
| [VanEck Semiconductor ETF](https://www.exent.ai/etfs/smh) | SMH | Chip fund | $504.27 | −2.75% | −8.0% |
| S&P 500 |  | Index | 7,688.62 | +1.58% | −4.1% |

Closes are split‑adjusted and price only, from Exent market data. Grouped by what the companies do, not by a measured link to data centers. Chips were not the lead that day: SMH fell 2.75% on Nov 4, then 11.2% on Nov 5, the chip day in the tables above. GE Vernova’s Nov 4 close of $832.83 was below its Nov 2 close of $862.25, undoing its 6.49% gain on Nov 3.

[CNBC reported on Nov 4](https://www.cnbc.com/2026/11/04/apple-and-other-big-tech-stocks-surge-after-2026-midterm-elections.html) that of 41 local ballot measures on Nov 3 to restrict or clear the way for AI data centers, voters sided against data centers in 40. That is press attribution. A vote and a fall on the same day is a coincidence in the data until a company or a filed rule links them, and we have not verified any filed proposal.

The next two sessions split the group. From the Nov 4 close to the Nov 6 close, six of the eight fell further, Vertiv most (−11.0%), while NRG (+6.1%) and Vistra (+3.7%) closed above their Nov 4 levels. Over the same two days the S&P 500 fell 4.1% and SMH 8.0%. Nothing here says which way any of them goes next.

Which of these the best‑ranked analysts still back after the drop is locked in [Exent Gems](https://www.exent.ai/radar).

## Chip stocks vs the market on Nov 5

| Nov 5, 2026 | Close | That day | 2026 YTD |
| --- | --- | --- | --- |
| S&P 500 | 7,353.73 | −4.36% | +7.42% |
| Nasdaq‑100 | 26,629.81 | −6.36% | +5.47% |
| PHLX Semiconductor index | 9,011.14 | −12.25% | +27.22% |
| SMH | $447.73 | −11.21% | +24.32% |
| SOXX | $131.90 | −12.15% | +31.62% |
| Median of the 26 lines |  | −12.31% | +26.52% |

Chips fell about 2.8 times as much as the S&P 500 that day. The index’s 12.25% fall was the second worst of 8,182 sessions in data back to May 1994; only Mar 16, 2020 (−15.9%) was worse. [CNBC reported](https://www.cnbc.com/2026/11/05/qualcomm-earnings-chip-stocks-election.html) that Nvidia lost almost $450 billion of market value. All 26 lines fell, from Skyworks (−2.1%) to Sandisk (−22.3%). Even so, the index is still up 27.2% for 2026, against 7.4% for the S&P 500, both price only. Chips’ earlier lead is in did AI and chip stocks beat the S&P 500.

## What did leverage do to chip investors?

| Fund | Jun 22 close | Nov 5 close | Change | Nov 5 move | $10,000 on Jun 22 (Illustrative, price only) | Gain needed to return |
| --- | --- | --- | --- | --- | --- | --- |
| [SOXL (3x daily)](https://www.exent.ai/etfs/soxl) | $300.77 | $40.87 | −86.41% | −38.71% | $1,359 | +635.9% |
| SOXX | $218.34 | $131.90 | −39.59% | −12.15% | $6,041 | +65.5% |
| SMH | $668.91 | $447.73 | −33.07% | −11.21% | $6,693 | +49.4% |

A 3x fund multiplies each day’s move, so it took an 86.4% loss where the unleveraged chip funds lost 33% to 40%. SOXL fell 38.7% on Nov 5 alone. It is also down 2.7% for 2026, while the chip index is up 27.2%.

Two cautions on comparing these. SOXL targets three times the daily move of its own chip index, not the index SMH follows (the MVIS US Listed Semiconductor 25) or the PHLX index above, so SOXX and SMH are comparisons, not its benchmark. And it resets every day, so 3 times a long move means little: 3 times SOXX’s 39.6% would be more than the whole investment. The [SEC’s investor bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec) warns that returns over longer periods can differ widely from the multiple. More in [how much leveraged ETFs lose in a crash](https://www.exent.ai/resources/leveraged-etfs-in-a-crash) and [can you hold TQQQ long term](https://www.exent.ai/resources/can-you-hold-tqqq-long-term).

## Is a big gap to the price target a sign chip stocks are cheap?

No. The gap is the consensus target divided by the close, minus one. A large gap is not a buy signal, and much of it comes from the price falling while targets stand still. We show no gap per stock in the table above for that reason. Among the 16 lines with a target we show, the median gap was +81.6% at the Nov 5 close and +63.8% at the Nov 4 close, on the same targets. Nvidia’s went from +69.5% to +86.8% in one day; AMD’s from +32.1% to +59.7%.

Targets often lag falling prices. Across those 16 lines, 114 of the 238 targets published in the last quarter came in the last month, and for Nvidia and Analog Devices the data shows none in the last month. Older targets were set at higher prices. How much weight targets have earned is in [are analyst price targets accurate](https://www.exent.ai/resources/are-analyst-price-targets-accurate), and the whole index’s list is in [which stocks have the biggest upside to price targets](https://www.exent.ai/resources/stocks-with-highest-upside-to-price-target), which uses Nov 4 closes.

This page gives no buy or sell advice, and these figures cannot say whether a fall is over. Data can show how far a stock fell and what was reported. It cannot show the next move. Points investors often check (education, not advice):

- How much of a portfolio is chips, counting what sits inside funds such as QQQ and SMH.
- Dates on the targets: before or after the latest report and the fall.
- What each company said in its last forecast, not only the stock’s move.
- Whether a position could survive a further fall; seven earlier falls in this index ranged from 26% to 87%.

What the biggest winners went through on the way is in [how to find the next Nvidia](https://www.exent.ai/resources/how-to-find-the-next-nvidia). How earnings days have moved the largest stocks is in [how Big Tech stocks move after earnings](https://www.exent.ai/resources/how-big-tech-stocks-move-after-earnings).

## What is the next dated test for chip stocks?

The biggest is Nvidia’s report on Nov 17. Nothing here predicts how it, or the stocks, will move; how chip stocks moved after Nvidia’s past reports is in [how chip stocks move after Nvidia earnings](https://www.exent.ai/resources/chip-stocks-after-nvidia-earnings). We list only dates from company announcements; other chip names on this page have no date we could confirm from the company.

| Date | Company | What | Source |
| --- | --- | --- | --- |
| Thu, Nov 12 | Applied Materials | Fiscal Q4 results; call 4:30 p.m. ET | [Company release, Oct 22](https://ir.appliedmaterials.com/news-releases/news-release-details/applied-materials-report-fourth-quarter-and-fiscal-2026-results) |
| Tue, Nov 17 | Nvidia | Fiscal Q3 results about 4:20 p.m. ET; call 5 p.m. ET | [Company release, Oct 28](https://nvidianews.nvidia.com/news/nvidia-sets-conference-call-for-third-quarter-financial-results-6928873) |
| Tue, Nov 24 | Analog Devices | Fiscal Q4 results 7 a.m. ET; call 10 a.m. ET | [Company release, Oct 22](https://www.analog.com/en/newsroom/press-releases/2026/10-22-2026-adi-report-4q-fy2026-financial-results.html) |

## How this was measured

**Data.** Our calculation on Exent market data: daily closes through Nov 5, 2026, adjusted for splits, including KLA’s 10‑for‑1 on Jun 12 and SOXX’s 3‑for‑1 on Nov 5. “Below 2026 high” compares the Nov 5 close with the highest close since Jan 2, price only, so intraday highs may be higher. We spot‑checked Nov 5 moves against press reports of Nvidia, Qualcomm, AMD, Micron and Applied Materials.

**Who is in the list.** Every S&P 500 and Nasdaq‑100 member, as listed on Oct 20, 2026, whose company profile says “Semiconductors”: 23 lines. That label also covers chip‑equipment makers, TE Connectivity and Qnity, and we removed none by hand. We added Sandisk, Western Digital and Seagate by name (marked *), which make memory and storage and are labeled computer hardware: 26 lines, 23 in the S&P 500 and 22 in the Nasdaq‑100. Without the three, the median fall from the high is 37.7%. TSMC is in neither index list.

**Survivorship.** This list holds current members only. Companies that left the indexes are missing, so it can understate how bad a fall was for chip stocks as a whole. It covers a fall still in progress; the highs and order will change.

**Targets.** Consensus targets from Exent analyst data, pulled Nov 6. We hide a target where it is likely stale or distorted: Sandisk (mean more than 2.5 times the close), Arm (mean more than 15% from the median), and eight lines with fewer than 5 targets published in the last quarter (Astera Labs, Teradyne, Qualcomm, Qnity, Microchip, Monolithic Power, ASML and NXP). Providers calculate consensus differently.

All figures describe a date. This is not a forecast and not a recommendation for any stock. This page is refreshed on the first trading day of each month and the day after Nvidia reports.

## Which of these do the best‑ranked analysts still agree on?

A consensus averages every analyst, and many targets here predate the fall. Which of these stocks the best‑ranked analysts still agree on, and which they have cut, is locked for Gems members: $1.95 for a 3-day trial. This page says nothing about whether any stock here is in Gems.

1. Stocks Radar tracks thousands of Wall Street analysts and ranks them by the past accuracy of their calls.
2. Gems are our top picks: stocks where several of the best‑rated analysts (4★+ in our scoring) agree; our hunt for the next big winners, not a promise. Current Gems are for members only.
3. Upload your holdings to Portfolio Analysis to see what top analysts and insiders are doing on the stocks you already own, and how much you hold in stocks that move together; no brokerage login.

Exent is our product: [Exent Gems](https://www.exent.ai/radar)

## Frequently asked questions

### Why are chip stocks crashing?

No single cause is established. Reports from Nov 4 and 5, 2026 cite concern that the AI buildout will slow after the midterm elections and local votes against data centers, a weak Qualcomm forecast, financing worries, and forced selling and profit taking by funds. These are attributed explanations, not proof.

### Why are AI and data-center stocks down?

On Nov 4, 2026 the companies that build and power data centers fell 9% to 15% while the S&P 500 rose 1.58%: Comfort Systems −15.08%, Vistra −13.83%, NRG −13.52%, Vertiv −12.89%, Quanta −11.65%, CoreWeave −9.90%, Eaton −9.86% and GE Vernova −9.30%. CNBC reported that voters sided against data centers in 40 of 41 local ballot measures on Nov 3. That is press attribution; each company’s own news was not checked.

### Did data-center stocks recover after Nov 4?

Not as a group. From the Nov 4 close to the Nov 6, 2026 close, six of the eight fell further, Vertiv most (−11.0%), while NRG (+6.1%) and Vistra (+3.7%) closed above their Nov 4 levels. The S&P 500 fell 4.1% over the same two days. This says nothing about the next move.

### Are semiconductors in a bear market?

Yes, on the usual definition of a 20% fall from a high. At the Nov 5, 2026 close, the PHLX Semiconductor index was 38.4% below its Jun 22 record close of 14,634.72. It first closed past the 20% line on Jul 17, then recovered to within 9.7% of the record by Oct 6.

### Which chip stocks fell most from their highs?

Among 26 chip and memory stocks in the S&P 500 and Nasdaq-100 at the Nov 5, 2026 close: Sandisk (down 65.5% from its 2026 high), Western Digital (64.1%), Intel (62.9%), Astera Labs (62.8%) and Arm Holdings (62.1%). Twelve of the 26 are 50% or more below their highs.

### How much did Nvidia fall?

Nvidia fell 9.3% on Nov 5, 2026 to $181.60. That is 24.1% below its highest 2026 close of $239.24 on Oct 6, and 2.4% down for the year with dividends. It reports on Nov 17.

### Is it a good time to buy chip stocks?

This page gives no buy or sell advice. The data can show how far stocks fell, what was reported and what happened in past falls, which ranged from 26% to 87% in this index. It cannot show whether the fall is over, and a big gap to analyst targets is not a buy signal.

## Sources

1. [AI meltdown: Nvidia and Qualcomm drop more than 9%, pushing Nasdaq to worst day since April 2025](https://www.cnbc.com/2026/11/05/qualcomm-earnings-chip-stocks-election.html) — CNBC, 2026-11-05
2. [Hyperscalers and Apple surge after election results remove investor uncertainty](https://www.cnbc.com/2026/11/04/apple-and-other-big-tech-stocks-surge-after-2026-midterm-elections.html) — CNBC, 2026-11-04
3. [Chip stocks get slaughtered as Wall Street heads for its worst post-midterm day since 1896](https://finance.yahoo.com/markets/article/chip-stocks-get-slaughtered-as-wall-street-heads-for-its-worst-post-midterm-day-since-1896-163413900.html) — Yahoo Finance, 2026-11-05
4. [They’re shooting the generals: AI trade stocks drop as hedge funds rush to protect 2026 gains](https://finance.yahoo.com/markets/article/theyre-shooting-the-generals-ai-trade-stocks-drop-as-hedge-funds-rush-to-protect-2026-gains-185019432.html) — Yahoo Finance, 2026-11-05
5. [Retail traders dump $358 million in stocks in biggest selling day since 2020](https://finance.yahoo.com/markets/article/retail-traders-dump-358-million-in-stocks-in-biggest-selling-day-since-2020-205924608.html) — Yahoo Finance, 2026-11-05
6. [SpaceX closes $40 billion debt deal for AI chips, Elon Musk says](https://www.cnbc.com/2026/10/26/spacex-closes-40-billion-debt-deal-for-ai-chips-elon-musk-.html) — CNBC, 2026-10-25
7. [Intel third-quarter 2026 financial results](https://www.sec.gov/Archives/edgar/data/0000050863/000005086326000188/q326earningsrelease.htm) — U.S. Securities and Exchange Commission, 2026-10-29
8. [AMD third-quarter 2026 financial results](https://www.sec.gov/Archives/edgar/data/2488/000000248826000188/q32026991.htm) — U.S. Securities and Exchange Commission, 2026-11-03
9. [Are Magnificent 7 companies still top contributors to S&P 500 earnings growth for Q3?](https://insight.factset.com/are-magnificent-7-companies-still-top-contributors-to-sp-500-earnings-growth-for-q3) — FactSet, 2026-10-19
10. [NVIDIA sets conference call for third-quarter financial results](https://nvidianews.nvidia.com/news/nvidia-sets-conference-call-for-third-quarter-financial-results-6928873) — NVIDIA, 2026-10-28
11. [Applied Materials to report fourth quarter and fiscal 2026 results](https://ir.appliedmaterials.com/news-releases/news-release-details/applied-materials-report-fourth-quarter-and-fiscal-2026-results) — Applied Materials, 2026-10-22
12. [Analog Devices to report fourth quarter fiscal year 2026 financial results](https://www.analog.com/en/newsroom/press-releases/2026/10-22-2026-adi-report-4q-fy2026-financial-results.html) — Analog Devices, 2026-10-22
13. [Sandisk Form 8-K (8-for-1 stock split)](https://www.sec.gov/Archives/edgar/data/0002023554/000162828026068243/sndk-20261029.htm) — U.S. Securities and Exchange Commission, 2026-10-29

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Educational content, not investment advice. Past performance does not guarantee future results.