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The Nasdaq Composite fell 5.5% on Thursday and the Philadelphia semiconductor index dropped 12%. Micron and AMD each lost about 17%. Investors priced in a Democratic Congress that could slow AI data center construction, plus a weak Qualcomm outlook, and gave back every gain made after the midterms.
Search growth slowed, capex hit $51 billion a quarter, and investors finally asked the question Big Tech has dodged all year — when does the AI build-out pay for itself?
Qualcomm's fiscal Q4 revenue fell 8% to $10.32 billion as a memory shortage hit handset demand, but automotive revenue nearly doubled to $1.99 billion. Management now wants $5 billion of data center revenue in fiscal 2027, a business that does not yet appear as a line in its results.
AMD reported record Q3 2026 revenue of $13.4 billion, up 45%, as MI450 GPUs and Helios racks started shipping to Anthropic, Meta, Microsoft, OpenAI and Oracle. It forecasts about $17 billion for Q4, but free cash flow fell to $554 million as it built nearly $3 billion of inventory.
Amazon's cloud unit accelerated for another quarter and now earns 63% of the company's operating profit, but $77 billion of quarterly capex pushed trailing free cash flow to minus $42 billion.
Motorola's new flagship has a Snapdragon 8 Elite Extreme Gen 6, a 200MP periscope camera, a 7,000mAh battery and seven years of updates. Pre-orders open in the US on November 19. Its most unusual feature is official support for the privacy-focused GrapheneOS, which until now ran only on Google Pixels. Motorola hasn't said when that support arrives.
