Nasdaq 100 Records Worst Week Since April 2025 Tariff Turmoil as Chip Stocks Extend Losing Streak to 2008 Levels

Chip stocks posted their longest consecutive losing streak since 2008, with the Philadelphia Semiconductor Index falling for eight straight sessions through October 15 2026. Bloomberg data showed the Nasdaq 100 dropping more than 4 percent for the week, the largest decline since tariff-related volatility in April 2025. Volume concentrated in names with heavy AI exposure including Nvidia and Broadcom, reflecting position unwinds rather than broad macro deterioration.

The April 2025 tariff episode established a precedent where U.S. restrictions on advanced chip exports to China triggered immediate valuation compression in the sector. Current price action mirrors that pattern without new policy announcements, suggesting the driver is internal reassessment of capital expenditure returns at hyperscale data centers. Primary records from company 10-Q filings through Q2 2026 show AI-related capex still rising, yet margin guidance has begun to moderate at several foundry suppliers.

Forward indicators point to the October earnings cycle as the next test. Consensus estimates compiled by FactSet project Nvidia revenue growth above 40 percent year-over-year, but any shortfall below 35 percent would likely accelerate further rotation out of the group. Options data from the CBOE indicate elevated put skew into year-end, pricing in continued downside through at least December 2026.