Global equity crash led by semiconductors
Nasdaq 100 fell 6.4%, Japan's TOPIX dropped over 6% and the VIX spiked 70%, as the semiconductor bubble unwinds.
What we know
The Nasdaq 100 closed down 6.4%, its worst day since March 2020. Japan's TOPIX fell over 6%, and the VIX rose 70%. Charlie Bilello says semis are down 37% since June and the lead over the Mag 7 has shrunk. A UBS note shows Korean memory selling intensifying. A whale shorting AI and semis has $30M+ unrealized profit, while a 100% win-rate trader opened a 25x ETH long. WSJ says the US market may struggle to regain its October peak.
How the story developed
Nasdaq 100 fell 6.4%, Japan's TOPIX dropped over 6% and the VIX spiked 70%, as the semiconductor bubble unwinds.
The Nasdaq 100 fell 6.4% and the S&P 500 fell 4.4%, the worst day since Covid, as the midterm result and fears of AI regulation hit tech. The VIX spiked 70% and the chip index fell 12%.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.