Chip Stocks Tonight: Three Things to Watch as AMD Reports

US chip stocks are trying to rebound in premarket trading tonight (November 3), but the biggest factor for their direction is AMD’s results, due after the close. The Philadelphia Semiconductor Index (SOX) fell 7.20% last Friday and more than 3% further yesterday (November 2). The SOXX chip ETF fell 11.7% over those two trading days and stands 23.0% below its October high (October 5).

The US regular session opens at 11:30 p.m. Korea time tonight, and AMD’s results come out after 6 a.m. Korea time tomorrow (November 4).

Why did the Philadelphia Semiconductor Index fall again yesterday?

Marvell says it will pay for Lumentum “in shares”

Marvell announced it will acquire Lumentum, an optical communications components company, at an enterprise value of $115 billion. The deal uses no cash: each Lumentum share is exchanged for 4.5 Marvell shares. The company put the value of one Lumentum share at about $1,132, 23.9% above its October 28 close, before reports of the deal emerged. After the merger, Lumentum shareholders would own about 33%, and the deal is targeted to close in the first half of 2028.

The market’s reaction was cold. Marvell fell 12.72% and Lumentum 18.59%. Marvell has dropped 31.9% over the three trading days since October 29, when reports of the talks came out.

A quick calculation shows the market’s doubts in numbers. Marvell’s close yesterday of $171.41 times 4.5 puts the value of what one Lumentum share would receive at about $771. Yet Lumentum closed at $684.40, 11% below even that. The market is discounting both whether the deal goes through and whether Marvell’s share price falls further over a period of more than a year and a half.

Worries about funding AI spending have grown again

The same day, Oracle said it would issue $10 billion in common stock and $10 billion in corporate bonds to fund AI facilities, and its shares then fell more than 8%. New shares dilute existing shareholders, and bonds add to interest costs.

The Nasdaq 100 closed more than 10% below its record close, entering correction territory (Reuters). One reading is that AI spending keeps growing, and the market has started asking how that money is raised and when it is recouped.

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• Marvell -12.72%, Lumentum -18.59%
• AMD -7.52%, Micron -5.78%
• Nvidia -1.26%, Broadcom -1.18%
• SOXX -3.79%

Nvidia and Broadcom held to declines of around 1%, while the losses were concentrated in the two deal companies, AMD ahead of its results, and memory.

What has changed in premarket trading today?

Most chip stocks are rising

According to Reuters, as of 5:06 a.m. US Eastern time (7:06 p.m. Korea time), Nasdaq 100 futures were up 0.46% and Dow futures down 0.42%. Most chip stocks were rising in premarket trading, offsetting weakness in other tech stocks, led by SanDisk and Micron, each up more than 3%. AMD was also up 2-something percent ahead of its results.

Apple’s memory warning split the chip sector

Apple said memory prices keep rising and will weigh on its margins, and its shares were down around 4% in premarket trading. For companies that use memory, that is a cost; for memory makers, it signals higher prices. That is why Micron and SanDisk are up.

Premarket volume is thin, though, and the direction often changes in the regular session. Asian markets were also weak today: SK hynix fell 5.03%, Taiwan’s TSMC fell 1.50%, and the KOSPI dropped 3.59%.

What will decide the Philadelphia Semiconductor Index’s direction tonight?

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One point first. Since September, SOXX has fallen more than 3% in a day six times; it rose the next day three times and fell further three times. The pattern of a rebound the day after a sharp drop has not held over the past two months. So today I am watching the three points below, in order.

#1. AMD’s results: the Q4 outlook matters more than the numbers

The market expects third-quarter revenue of about $13 billion and earnings per share of around $1.95-1.97. The options market is pricing a move of about 9% either way after the results.

More important is the fourth-quarter outlook. AMD guided third-quarter gross margin at about 56%, and has already said margins could come in lower as production of its new AI chip, the MI450, ramps up. Last week Intel posted decent results but a weak outlook for the next quarter, and fell 28.58% in a single day. If AMD shows both AI chip demand and margins, that could be a starting point for a rebound in the chip index; if not, the decline could continue.

#2. US midterm voting today

Voting is today, and the results start to take shape from tomorrow morning Korea time. Since they are tied to policy directions such as chip subsidies and export controls, a wait-and-see mood could set in during the regular session.

#3. The rest of this week’s schedule

• November 4, after the close: Qualcomm and Arm results (morning of November 5 Korea time)
• November 6: US October jobs report (10:30 p.m. Korea time)

It does not end with AMD’s results: earnings and data continue all week. Rather than a single day’s move, I am watching the trend through Thursday, by which point both AMD’s and Qualcomm’s results will be out.

Figures in this post are as of the US close on November 2, the Asian close on November 3, and US premarket trading on November 3 (around 5 a.m.). This is not investment advice; it is meant as a reference for reading tonight’s market.

Frequently asked questions

Q1. Where can I see the Philadelphia Semiconductor Index in real time?

A1. Look it up by its name, SOX (^SOX), on a brokerage app or on a portal’s overseas index page. Checking quotes for SOXX, an ETF that tracks the index, also shows the moves before and after the regular session.

Q2. How will SOXL move tonight?

A2. SOXL is an ETF that tracks three times the chip index’s daily change. If the index falls 3% in a day, SOXL falls about 9%, so on a day with a big event like AMD’s results, the size of gains and losses becomes very large.

Q3. When will the Marvell-Lumentum deal close?

A3. The company’s target is the first half of 2028, and it needs approval from both companies’ shareholders and regulators in several countries. If regulators block it, Marvell is to pay Lumentum $3.2 billion under the deal’s terms.

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Sources: US regular-session closes (adjusted), KRX regular-session closes, Taiwan Stock Exchange closing prices; Marvell-Lumentum deal announcement (November 2, 2026, SEC Form 425); Reuters (November 3, 2026, US futures, Apple, chip stocks in premarket trading); Tradingkey (November 2, 2026, US market close); The Chosun Daily (November 3, 2026, KOSPI); compiled reports on AMD earnings expectations

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Information only, not investment advice.