NDX sinks -3.5% as chip stocks Intel, Sandisk, AMD lead chip sell-off

US equities ended October sharply lower on Friday (30 Oct), as disappointing earnings fuelled concerns over a potential AI bubble.

The $NASDAQ-100(.NDX.US) fell -3.5%, marking its worst session since June and lifting the Nasdaq 7x Short DLC (W5BW) by around +24.5%, while the Nasdaq 7x Long DLC (MFVW) fell by a similar magnitude.

$Intel(INTC.US)  led the decline, plunging -28.5% after its results missed expectations. The Intel 3x Short DLC (JRYW) surged +84.4%, while the Intel 3x Long DLC (9DWW) fell by similar magnitude.

Other chip stocks covered by DLCs also came under pressure. $Sandisk(SNDK.US)  , $AMD(AMD.US)  and $Micron Tech(MU.US) declined -13.5%, -10.9% and -5.3%, respectively.

Attention now turns to the next round of earnings, with $Palantir Tech(PLTR.US)  and Apple (AAPL) expected to report after the US market closes on 2 Nov, followed by AMD on 3 Nov.

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