Philadelphia Semiconductor Index Closes 21.9% Below October High

The Philadelphia Semiconductor Index closed Monday at 10,328.33, 21.9% below its Oct. 6 peak, as losses among major chipmakers ranged from 11.2% for Taiwan Semiconductor Manufacturing Co. (TSMC) to 48.4% for Intel.

The index's Oct. 6 close was 13,217.82. The comparison uses Nov. 2 closing prices for U.S.-listed stocks and Kioxia, while TSMC's Taiwan-listed shares are measured through Nov. 3. Japan's market was closed Tuesday for Culture Day, leaving Kioxia's latest close at Monday's session. The decline follows Friday's semiconductor stock losses.

Intel posted third-quarter revenue of $16.5 billion, a 21% increase from a year earlier. Revenue, gross margin and earnings per share exceeded the company's guidance. Intel forecast fourth-quarter revenue of $15 billion to $16 billion and non-GAAP earnings of 25 cents per share, compared with 52 cents in the third quarter. Chief Financial Officer David Zinsner said a slowdown in the PC market was expected to last at least through the first half of 2027. Intel shares ended Monday 48.4% below their Oct. 5 high.

Marvell announced Monday that it would acquire Lumentum in an all-stock deal with an implied enterprise value of $115 billion. Lumentum shareholders would receive 4.5 Marvell shares for each share held. Marvell fell 13.2% on Oct. 29, 10.1% on Oct. 30 and 12.7% Monday, ending 40.3% below its Oct. 6 high. Lumentum fell 18.6% Monday.

Kioxia forecast revenue of 2.5 trillion yen for the October-to-December quarter, up 0.8% from the prior quarter's 2.48 trillion yen. The company cited strong data center demand but said unfavorable exchange rates were expected to keep results broadly level with the previous quarter. Its shares dropped 15.8% Monday and were 40.7% below their Oct. 5 high.

Alphabet posted negative free cash flow of $9.07 billion in the third quarter, following a $5.86 billion shortfall in the second quarter. Operating cash flow was $42.29 billion and capital spending reached $51.36 billion. Alphabet shares were 21.1% below their Oct. 13 high.

Nvidia, Micron and Advanced Micro Devices (AMD) had no company-level negative announcements during the period. Their shares fell 15.5%, 23.4% and 28.1%, respectively, from recent closing highs. AMD is scheduled to release third-quarter results after U.S. markets close Tuesday, Nov. 3.