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The semiconductor sector faced intense pre-market selling, with $Intel(INTC.US)$ plunging over 25% on weak Q4 guidance, dragging down $AMD(AMD.US)$, $NVIDIA(NVDA.US)$, $Micron Technology(MU.US)$ and others in a broad sell-off; $Amazon(AMZN.US)$ dropped over 6% on an ad revenue miss. US stock index futures were mixed — Dow futures edged up 0.12%, Nasdaq-100 futures tumbled 2.45%, and S&P 500 futures fell 1.05%.
Stock News
1. Intel Q4 guidance far below estimates, pre-market plunge near 26%: $Intel(INTC.US)$ posted Q3 earnings above expectations but its Q4 revenue guidance came in significantly below Wall Street estimates, fueling concerns over weak PC demand and rising memory costs. Analysts expect its PC client business to decline sharply quarter-over-quarter before 2027. Stifel cut its target price from USD 110 to USD 90, while Mizuho lowered from USD 114 to USD 88. The stock cratered nearly 26% pre-market, its steepest single-day drop in years.
2. AMD dragged down over 8% by Intel-led sell-off, Meta partnership advancing: $AMD(AMD.US)$ fell about 8% pre-market, swept up in the semiconductor sector rout triggered by Intel's weak guidance. Despite the sell-off, AMD's collaboration with Meta remains on track, with the company deploying Helios rack-scale solutions and investing USD 1 billion in Meta equity issuance. AMD is scheduled to report Q3 earnings on November 3, with the market closely watching its data center business progress.
3. Amazon ad revenue miss reignites AI search disruption fears: $Amazon(AMZN.US)$ saw Q3 advertising revenue growth slow to 12% year-over-year, falling short of market expectations, sending shares down over 6% pre-market. Bernstein analysts noted that the ad business — a key profit driver for Amazon — missing estimates will intensify investor concerns that AI is reshaping consumer search behavior, echoing the market skepticism that followed Alphabet's results earlier this week. That said, Amazon offered a relatively upbeat Q4 ad revenue outlook, and Mizuho raised its target price to USD 335.
4. Alphabet single-day crash of 12.6%, AI monetization woes trigger market cap shock: $Alphabet(GOOGL.US)$ plunged nearly 13% in the prior trading session after its Q3 results missed expectations, wiping out roughly USD 500 billion in market value. The sell-off was driven by free cash flow coming in far below estimates at negative USD 9.07 billion, sluggish search ad growth, and the company maintaining elevated capex guidance — fueling persistent concerns over AI monetization and valuation logic.
5. Chevron Q3 net profit surges 180% YoY on high oil prices and strong refining: $Chevron(CVX.US)$ reported Q3 2026 earnings with net profit of USD 9.9 billion, up 180% year-over-year and beating analyst estimates. High oil prices and record refining profit of USD 4.93 billion were the primary drivers, while production grew following the Hess acquisition. Despite scaling back share buybacks to USD 2.5 billion, the company is prioritizing debt reduction. Shares rose about 1.3% pre-market.
Macro Drivers
1. Semiconductor sector panic sell-off: Intel's weak Q4 guidance the trigger: Intel's near-26% pre-market crash has sparked a broad reassessment of the semiconductor industry's outlook. Headwinds including weak PC demand and rising memory costs triggered a chain reaction, sending $AMD(AMD.US)$, $NVIDIA(NVDA.US)$, $Micron Technology(MU.US)$, and the Philadelphia Semiconductor ETF (SOXX) sharply lower. The market is increasingly concerned that the chip cycle may be peaking, with server makers Dell and HP also sliding in sympathy.
2. AI monetization under intense scrutiny, tech giants' ad businesses under pressure: Following Alphabet's results showing sluggish search ad growth, Amazon's ad revenue deceleration has further amplified concerns that AI is disrupting traditional search and advertising models. The simultaneous sell-off in both giants reflects mounting investor skepticism over whether massive AI capex can translate into real earnings.
What the Market Is Trading — Pre-market Turnover TOP10
| No. | Name | Pre-market Change | Pre-market Price | Pre-market Turnover |
|---|---|---|---|---|
| 1 | $Intel(INTC.US)$ | -25.71% | 68.40 | 555 million |
| 2 | $SanDisk(SNDK.US)$ | -8.50% | 1217.04 | 497 million |
| 3 | $Direxion Daily Semiconductor Bull 3X Shares(SOXL.US)$ | -18.71% | 83.23 | 366 million |
| 4 | $Invesco QQQ Trust(QQQ.US)$ | -2.43% | 697.95 | 347 million |
| 5 | $Micron Technology(MU.US)$ | -5.61% | 881.83 | 292 million |
| 6 | $Apple(AAPL.US)$ | -1.34% | 344.22 | 206 million |
| 7 | $Amazon(AMZN.US)$ | -6.65% | 227.57 | 176 million |
| 8 | $NVIDIA(NVDA.US)$ | -3.00% | 207.25 | 167 million |
| 9 | $Direxion Daily Semiconductor Bear 3X Shares(SOXS.US)$ | +18.88% | 49.55 | 162 million |
| 10 | $Alphabet(GOOGL.US)$ | -0.87% | 281.34 | 147 million |
Economic Calendar
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