—
C+
C+ The full Closelooknet — membership. Open the C+ overview

Chips and Software Sold, Dow Green: Midday 10

Tech — the whole complex sold: chip fund −2.1%, software −4.3%; Nasdaq −1.1% while the Dow is green

Chips fall for an eighth day and software joins them: CrowdStrike, Snowflake and Palo Alto −7%. The money stays in staples, banks and utilities. QQQ at 717.94 is under the 720 line we named this morning.

In this edition

SOXX SMH MU AMD INTC ARM AMAT LRCX

The Midday 10 Fri, Oct 16, 2026 ~60 seconds 12:00 ET

This week the selling has spread from the companies that build AI to the companies that sell it. At about noon in New York the chip fund SOXX is down 2.1% for an eighth losing day, and the software fund IGV has dropped 4.3% — after it was bought on Thursday. CrowdStrike, Snowflake and Palo Alto Networks are each down about 7%, JFrog 10.3%. The Nasdaq Composite is down 1.1%; the Nasdaq-100 fund QQQ at 717.94 is under the 720 line we named this morning as the sign the rotation was turning into broad selling.

The rest of the market holds. The Dow is up 0.2%, consumer staples +1.1% and utilities +1.2%. Banks are green after more results: Citi +2.0%, JPMorgan +1.8%, Truist +1.4%. Fed chair Kevin Warsh did not hint at a hike this morning, and the odds of one in October fell to about 17% from roughly 30%, as reported.

US intraday quotes at about 11:50 ET (15:50 UTC), measured against Thursday's closes; intraday prints are not closes. Quotes via Yahoo Finance. Fed chair Kevin Warsh's remarks and the move in rate-hike odds as reported by Bloomberg and TipRanks; the semiconductor index streak as reported by Quartz and Rallies; the OpenAI cybersecurity report (14 October) as reported by 24/7 Wall St.; the Palo Alto Networks vulnerability as reported by Yahoo Finance; regional bank and Travelers results as listed by Newsquawk; Print Record windows from the site's Print Record cards.

  1. Chips — eighth losing day: SOXX −2.1% to $504.08, Micron −3.5%, AMD −3.4%, Intel −4.1%
  2. Software — the users join the sell-off: IGV −4.3%, CrowdStrike −7.2%, Palo Alto −7.4%, Snowflake −7.2%
  3. Our usage gauges sold hardest: Cloudflare −7.0%, Datadog −6.7%, DigitalOcean −9.1% — −24% on the week
  4. Nasdaq-100 — QQQ −1.4% to $717.94, under Thursday's $724.80 low and under 720
  5. Staples and utilities keep rising: XLP +1.1%, VDC +1.1% — both at six-month highs; utilities +1.2%
  6. Banks — green again after more results: Citi +2.0%, JPMorgan +1.8%, Truist +1.4%; M&T −1.7%
  7. Rates — Warsh stays quiet, hike odds fall to about 17%; 10-year 5.09%, TLT holds its gap
  8. The borrowers lose Thursday's bounce: CoreWeave −9.4%, Oracle −3.4%, Dell −3.0%, Palantir −5.9%
  9. Health care pauses at its high: XLV flat at $177.18; Lilly +1.1%, J&J +1.5%, UnitedHealth −1.2%
  10. Print Record: six windows close tonight — at midday JPMorgan, Wells Fargo, UnitedHealth and J&J are above their ‘paid’ lines

The ten lines

  1. 1

    DOWN Chips — eighth losing day: SOXX −2.1% to $504.08, Micron −3.5%, AMD −3.4%, Intel −4.1%

    SOXXSMHMUAMDINTCARMAMATLRCXKLAC

    The chip fund SOXX is at $504.08, on course for its eighth straight decline and about 23% below its 22 June closing high; SMH −1.7%. The selling is broad: Arm −3.6%, Micron −3.5% to $898.64, AMD −3.4%, chip-machine makers Applied Materials, KLA and Lam −2.9 to −3.3%, Marvell −2.7%, Broadcom −2.6%. Nvidia is the exception, up 0.2% at $217.64, and so is ASML, +0.4%.

  2. 2

    DOWN Software — the users join the sell-off: IGV −4.3%, CrowdStrike −7.2%, Palo Alto −7.4%, Snowflake −7.2%

    IGVCRWDPANWSNOWMDBFROGNETDDOGNOW

    Thursday's winners are Friday's losers. The software fund IGV is down 4.3% to $104.88 and 5.8% on the week. Security is hit hardest: Palo Alto Networks −7.4% to $342.89, CrowdStrike −7.2% to $226.92, both about 14–15% lower on the week, after a reported OpenAI deal for a cybersecurity start-up on Wednesday and a Palo Alto software flaw already being exploited, as reported. Data and developer tools follow: MongoDB −8.2%, Snowflake −7.2%, JFrog −10.3%. ServiceNow gives back 4.7% of Thursday's 6.2%, Salesforce −3.0%. We found no single new piece of news behind today's move.

  3. Agentic Ecosystem Index The AI-opex complex as an index — the operational layer where agents meet the P&L. Open the index →
  4. 3

    DOWN Our usage gauges sold hardest: Cloudflare −7.0%, Datadog −6.7%, DigitalOcean −9.1% — −24% on the week

    DOCNNETDDOGFROG

    These are the companies that earn when AI agents run, paid per use — the receipts we named in Thursday's Pulse. Cloudflare is at $294.26, Datadog $248.42, DigitalOcean $99.54, now 24.3% lower than a week ago with no company news found. Their reports come on 4 and 5 November; the price moves before them are fear, not evidence.

C — free account

The free C account unlocks lines 4 through 10 — the full midday tape.

One tap with Google or one email — no password, no card. You are signed in until you sign out, on this browser, from then on.

Join the Look — free

Already joined on this browser? The full edition shows automatically — if it doesn't, sign in again here. Looking for the archive, portfolios and realtime? That is C+.

C · line 11 · members

Today in line 11: why the sell-off reached the software users, what the 720 break on QQQ means for the next two weeks, and why the defensive bid matters more than the chip streak.

The privileged, actionable read — what we do, and at which level — is in line 11, for members only.

Join the Look — it’s free

Free members account · one click · the ten points stay free, always.

Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.