The Nasdaq 100 closed Monday more than 10% below its Oct 6 peak, a correction, with the worst day on Friday, Oct 30, when chip stocks (the iShares Semiconductor ETF) fell about 8% after Amazon’s and Alphabet’s results and a weak profit forecast from Intel. By Wednesday the index had bounced to about 9% below its peak, but chip stocks fell another 3% that day. JPMorgan expects about $900 billion of AI spending worldwide in 2026, and investors want to know when that money pays back. Nvidia (NVDA) closed at $200.13, down −7% over five days, −14% over the last month and −16% below its 52-week high. Intel (INTC) fell −39% in five days on its own weak profit forecast, the biggest drop in the table; Marvell (MRVL) fell −36%, the biggest among memory, networking and server names that sold off after cloud companies reported. Nvidia and Broadcom (AVGO) held up best over the past five days (−7% each), which the article says shows the market isn’t yet betting that AI spending stops.