# PHLX Semiconductor Index Rebounds 3.60% After Monday’s 3.37% Drop By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/47835 Published: 2026-11-03T16:40:38.000Z Updated: 2026-11-03T16:40:38.000Z Section: Investing > The Nasdaq-100 rose 0.64% Tuesday, while the chip index closed 11.15 points above its Oct. 30 level. The PHLX Semiconductor Index rose 3.60% Tuesday after falling 3.37% Monday, bringing renewed focus to whether technology stocks can support an AI-led bull market that Michael Santoli says needs renewed strength to advance. The index closed at 10,699.95, up 371.62 points from Monday’s finish at 10,328.33. Monday’s close was 360.47 points below the Oct. 30 level of 10,688.80. The two-session sequence left the gauge 11.15 points above its Oct. 30 close. The Nasdaq-100 also advanced Tuesday, rising 0.64%, or 179.87 points, to 28,169.69. Its previous close was 27,989.82. The semiconductor index had the larger percentage gain for the session. Santoli argued Tuesday that technology stocks need to regain strength for an AI-led bull market to keep advancing. “The bull market built on the AI story will almost surely need the AI story to get back on track to keep advancing,” he wrote. Santoli described earlier phases of AI investment as centered on specific bottlenecks, including graphics processing units (GPUs), cloud capacity and power, and memory. In his view, those constraints gave investors concrete areas to watch as spending expanded. His argument shifts attention to capital, which he describes as a broader limit affecting the investment cycle. That framing makes technology stocks’ strength central to his case for why the AI-related bull market can continue. The 3.60% gain describes Tuesday’s move alone; the 11.15-point difference compares the close with Oct. 30, before Monday’s decline. The two sessions show a turn in direction, but do not by themselves establish a sustained recovery. Financing strain among neocloud operators and questions about semiconductor valuations remain part of the [AI financing backdrop](). ## Links in this article - [AI financing backdrop](https://www.tokenpost.com/news/investing/42329)