Chip stocks logged their longest losing streak since 2008, with $SOXX down 16% over 8 sessions and $AMD off 19%. $NVDA slid just 1%, so the unwind is hitting the AI-spending followers, not the leader.

What happened: The Philadelphia semiconductor index fell 3.8% on October 16, 2026, its eighth straight losing session and longest run since 2008. SOXX fell 4.14% to $493.39, down about 16% over eight sessions. Key numbers: SOXX down 16% over 8 sessions, still up 64.12% for 2026, about 25% below its $655.95 52-week high. Why it matters: BofA's Sebastian Raedler said hyperscaler capex forecasts tripled from $330 billion to $1 trillion and warned most major capital cycles end in disappointment. Nvidia's smaller decline suggests investors still favor the leading AI chip supplier.

The Philadelphia semiconductor index fell 3.8% on October 16, 2026, its eighth straight losing session and longest run since 2008. SOXX fell 4.14% to $493.39, down about 16% over eight sessions.

BofA's Sebastian Raedler said hyperscaler capex forecasts tripled from $330 billion to $1 trillion and warned most major capital cycles end in disappointment. Nvidia's smaller decline suggests investors still favor the leading AI chip supplier.