PHLX Semiconductor Sector Index Ends Eight-Session Slide With 1.6% Gain

The PHLX Semiconductor Sector Index rose 1.6% Monday, Oct. 19, ending an eight-session slide as chip shares recovered, while AI cloud provider CoreWeave closed lower despite an intraday advance.

The index briefly gained more than 3% before paring its advance. Its losing streak was the longest since October 2008. Sandisk climbed 5.5%, SK hynix American depositary shares (SKHY) gained 4.7%, Micron advanced 3% and Intel rose 2.4%.

CoreWeave moved in the opposite direction by the close. Its shares rose as much as 7.4% during the session but finished down 0.4%, leaving the company out of the chip-index gain.

Goldman Sachs upgraded CoreWeave from neutral to buy Monday. The change did not prevent the stock from giving back its early rise. CoreWeave’s bonds had weakened the previous week amid questions about financing its infrastructure buildout.

CoreWeave had approximately $104 billion in revenue backlog as of June 30, 2026. That figure is estimated future revenue under committed customer contracts, subject to the company meeting delivery and service availability requirements. It is not revenue already earned.

The rebound followed a week of losses for chip shares. The semiconductor ETF SMH fell 10% that week, including a 3% decline Friday. CoreWeave lost 25% over the same week before Monday’s intraday rise faded.

The broader U.S. stock market also had a mixed close Monday. The Nasdaq 100 gained 1.2% and the S&P 500 rose about 0.4%, while the Dow Jones Industrial Average finished slightly lower. The chip index’s gain was therefore stronger than those broader advances, though CoreWeave did not participate at the close.

UBS forecasts $900 billion in global AI capital spending in 2026, up 84% from a year earlier, and $1.2 trillion in 2027. Those projections concern future spending; Monday’s share prices reflected a single trading session after a steep decline.

Meta and Tesla are scheduled to release quarterly results Oct. 21, offering the next company updates on technology spending.