Nasdaq climbs 1.11% as chip stocks snap eight-day slide ahead of earnings

By Khal · · 1 min read

Editorial illustration: Three semiconductor chips sit along a curved silver ribbon, with the largest chip elevated above two smaller chips against a dark blue background.
AI-generated editorial illustration · AI-generated editorial illustration · Published Oct 20, 2026, 12:56 a.m. (53 minutes ago)

In brief

  • Nasdaq Composite gained 290.85 points to close at 26,430.89 on Oct. 19, per Crypto Briefing.
  • Philadelphia Semiconductor Index rose about 1.6% to 2% after an eight-day, 15.7% drop.
  • Intel added 2.4% after J.P. Morgan upgraded it to neutral from underweight.
  • TSMC's third-quarter revenue of $46.7 billion topped its own forecast range.

Chips snap an eight-day slide

The Philadelphia Semiconductor Index rose about 1.6% to 2% on the session, according to Crypto Briefing (the outlet gave a range rather than an exact figure). It's a modest bounce by itself. Before the gain, the index had dropped 15.7% over eight straight trading days, Crypto Briefing reported.

That was its longest losing streak since October 2008, per the same report.

Individual names moved unevenly. Intel gained 2.4% after J.P. Morgan upgraded the stock to neutral from underweight, while Nebius rose 2.9% and Iren added 2.7%, according to the outlet. CoreWeave didn't hold on, giving up an intraday rally to finish down 0.4%.

TSMC's results set the tone

Taiwan Semiconductor Manufacturing Co. reported third-quarter revenue of $46.7 billion, according to Crypto Briefing. That figure topped the company's own forecast range of $44.6 billion to $45.8 billion and represented 41% year-over-year growth. The beat was measured against TSMC's own guidance, not an outside estimate.

What investors are weighing

One green session doesn't settle the bigger question, according to Crypto Briefing's analysis.

Concerns persist about whether hyperscaler spending can keep going at its current pace.

Will all that AI capital spending eventually turn a profit? The outlet said investors are asking exactly that, and it pointed to rising interest rates and growing debt levels among data-center operators as two additional pressure points.

Upcoming tech earnings are the next checkpoint. Crypto Briefing said capital expenditure guidance in particular will be scrutinized, since it effectively sets the chip industry's budget for the next few quarters.

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