WS #16632
Intel's catastrophic 31% drop on an earnings miss has become the primary driver of the Nasdaq 100's entry into a technical correction, down 10% from October highs. The sell-off is broadening beyond Intel, with Amazon also sinking on weak guidance, while the broader tech sector (XLK) suffers its worst session in months. However, a memory chip shortage highlighted by Intel's call is providing a specific tailwind for Micron. Amidst a broader tech selloff, NVIDIA is advancing its AI infrastructure dominance by reportedly guaranteeing debt for an Anthropic data center, reinforcing its role as the backbone of generative AI. This development counters the prevailing bearish sentiment in the sector, although heavy put buying in SPY indicates institutional investors are hedging against further macro-driven downside in high-multiple growth stocks.
Tech Selloff & Intel Collapse
Intel's catastrophic 31% drop on an earnings miss has become the primary driver of the Nasdaq 100's entry into a technical correction, down 10% from October highs. The sell-off is broadening beyond Intel, with Amazon also sinking on weak guidance, while the broader tech sector (XLK) suffers its worst session in months. However, a memory chip shortage highlighted by Intel's call is providing a specific tailwind for Micron.
Amidst a broader tech selloff, NVIDIA is advancing its AI infrastructure dominance by reportedly guaranteeing debt for an Anthropic data center, reinforcing its role as the backbone of generative AI. This development counters the prevailing bearish sentiment in the sector, although heavy put buying in SPY indicates institutional investors are hedging against further macro-driven downside in high-multiple growth stocks.