AI in action · Markets
AMD Rose 11% a Day After Falling 17%: Chips Bounced
AMD rose 11.04% to $449.04 on Friday and the Philadelphia chip index 4.2%, recovering about 30% of Thursday's 12% plunge as investors reassessed the AI sell-off.
The chip stocks that fell hardest on Thursday rose most on Friday, November 6. AMD gained 11.04% to $449.04 after losing 17.26% the day before, Intel rose 7.71%, Micron 5.12% and Nvidia 2.78% to $186.64, according to StockTitan. The PHLX Semiconductor Index rose about 4.2% to 9,390.25, recovering roughly 30% of the 1,257 points it lost on Thursday, when it fell 12% in its worst session since March 2020.
The rebound was a reaction to the size of the fall rather than to new information. Thursday's selling had been driven by the midterm results, which raised doubts about how fast new AI data centres can be built, and by Qualcomm's warning on memory costs. Nothing in that changed overnight. "We view Thursday's selloff as reactionary, not a fundamental reset," Jane Gibbons, an equity strategist at Jefferies, told Reuters. The strong October jobs report, released before the open, also helped the case that demand in the wider economy is holding up.
Arithmetic explains why a big up day can still leave a stock well below where it started. After a 17.26% fall, AMD needed a gain of about 20.9% to get back to Wednesday's close of $488.78; Friday's 11% left it about 8% short, and about 11% below its close on October 30. The chip index ended the week about 12% lower, and Micron about 22% lower, even after Friday.
Tokenised AMD on Binance showed how much of the move happened before New York opened. It closed Thursday's US session near $404, was trading above $423 by the early hours of Friday and around $436 at the start of the European afternoon, then reached $460.23 in the first half hour of regular trading before giving back part of the gain.
The next real test is fundamental. Nvidia reports on November 17, and investors will be looking less at chip demand, which no company has said is weakening, than at whether customers confirm their 2027 spending plans after the elections. Until then, days like Thursday and Friday are mostly about positioning: who was forced to sell, and who was waiting to buy.
Sources: StockTitan — Chip stocks bounced back in the stock market today, November 6, 2026; Yahoo Finance — Stock market today: Nasdaq and S&P 500 rebound, Dow slips to cap bruising week for AI stocks (Nov 6, 2026)