Chips bounce 3% on Friday after the rout, but the Philadelphia index is still about 36% off its June peak

US stocks steadied on Friday morning as dip buyers returned to the artificial intelligence trade, though the scale of Thursday's selloff left traders asking whether the worst is over. Bloomberg reported the Nasdaq 100 up 2.3% at 9:50 a.m. ET, after what it called the gauge's biggest one-day rout since the pandemic, with the S&P 500 up 1% and the VIX near 24.14.

Where things stood at 10:42 a.m. ET

By 10:42 the bounce had narrowed. Our arithmetic on Yahoo Finance quotes against Thursday's closes:

Source: Yahoo Finance quotes, delayed, pulled 10:42 a.m. ET Nov. 6, 2026. Percent changes are ours.

The number behind the number: a bounce is small next to the fall

The Nasdaq 100 fell about 6.4% on Thursday (28,437.17 to 26,629.81 on Yahoo's closes). A 1.4% recovery returns roughly a fifth of that. The chip index lost 12.3% Thursday; a 3% bounce recovers about a quarter. Our chart shows the index still about 36% below its June 22 peak, so Friday's gain is a rounding error against the half-year trend. For the full Thursday picture, see our market close report.

How big was the wipeout? Outlets disagree

Bloomberg's headline put the selloff's cost at $2.3 trillion of market value. The Wall Street Journal and The New York Times headlines say $2.5 trillion. We could not read either tally's method (both stories are behind paywalls for us), so we do not pick one. The gap is likely down to which companies and which hours are counted. What is not in dispute is the direction and the scale: both tallies are in the trillions for a single session.

Why TSMC matters here

Taiwan Semiconductor makes the advanced chips for much of the AI buildout, so it trades as a read on whether demand holds. Its ADR closed Thursday at 353.10, down from 395.75 on Wednesday (our arithmetic: about 10.8%). Friday's 4.9% rise is the biggest percentage bounce in our table, which fits a stock that fell hard and is attracting buyers. It does not say anything about orders. We have found no company filing changing TSMC's outlook.

Who it actually hits

Owners with 401(k)s and brokerage accounts weighted to index funds feel this through the largest chip and AI names. For businesses, the practical question is whether data center and AI projects slow. Nothing we have seen from a company or regulator says they have. Contractors with data center work in their backlog should confirm schedules with customers rather than assume cancellation. Variable-rate borrowers got a small break: the 10-year Treasury yield was near 4.87% on Yahoo's quote, versus 4.84% Thursday's close, so no relief yet Friday.

What to watch

Whether the bounce holds into the close, whether the VIX stays below 28, and any company guidance on AI spending. Early-session bounces after large drops have often faded, and this one already has. See also our report on the October jobs report.

Sources: Bloomberg; headlines from The Wall Street Journal and The New York Times; Yahoo Finance quotes. Intraday figures are delayed and will change. This is market information, not investment advice.