[New York Stock Market] Tech Stocks Battered Amid AI Sell-Off ... SOXL Plunges 20%
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- 2026-10-23 05:28:14
- Updated
- 2026-10-23 05:28:14
New York tech stocks sank on the 22nd (local time).
The Dow Jones Industrial Average (DJIA), made up of 30 blue-chip stocks, was the only index to finish modestly higher. The tech-heavy S&P 500 and Nasdaq plunged.
Concerns about massive AI investment spending resurfaced with Meta Platforms’ quarterly earnings announcement after the market closed the previous day, sending AI-related stocks, including semiconductor and Big Tech shares, plunging. A report that the United States would resume airstrikes on Iran alongside Israel after the midterm elections also dampened investor sentiment, as international oil prices surged 4% to top $113 a barrel.
Nasdaq plunges 2.6% ... TQQQ tumbles 8.5%
The Dow rose 11.89 points (0.02%) to 52,867.98, closing modestly higher.
The S&P 500 fell 93.74 points (1.21%) to 7,663.43, while the Nasdaq plunged 694.00 points (2.60%) to 26,008.86. The S&P 500 posted its biggest daily decline since July, while the Nasdaq recorded its largest since June.
The Nasdaq-100, comprising 100 large technology stocks, plunged 863.83 points (2.90%) to 28,958.69. TQQQ, a leveraged exchange-traded fund (ETF) that tracks three times the index’s daily moves, sank $6.19 (8.52%) to $66.42.
SOXL plunges 20.5% as semiconductor stocks tumble
Semiconductor stocks fell particularly sharply.
Nvidia fell $9.76 (4.40%) to $212.21, sparking a sell-off in semiconductor stocks. Micron dropped $57.18 (6.29%) to $856.49, falling below the $900 mark.
Intel plunged $7.47 (8.04%) to $85.49, while SK hynix’s U.S.-listed American depositary receipts (ADRs) closed down $11.56 (8.07%) at $131.69.
The Roundhill Memory ETF (DRAM), which consists of memory chip stocks, fell $3.48 (7.08%) to $45.68.
SOXL, a leveraged ETF that tracks three times the daily moves of 30 major semiconductor stocks, plunged $21.13 (20.47%) to $82.11.
Big Tech falls; only Apple rises
Big Tech also took a beating.
Meta plunged $48.67 (6.98%) to $648.85, while Alphabet fell $10.54 (3.15%) to $324.22.
Palantir fell $5.53 (2.74%) to $196.19, while Amazon plunged $11.99 (4.57%) to $250.38 at the close.
Elon Musk’s SpaceX plunged $14.56 (9.14%) to $144.75, while Tesla sank $11.89 (3.08%) to $374.58.
By contrast, Apple, relatively insulated from the risks of AI investment, rose $4.23 (1.23%) to $348.22.
[email protected] Song Kyung-jae Reporter