● IndustryOct 31, 2026 · 18:218 sources
Nasdaq 100 Enters Correction as AI Rout Sends Intel and Reddit Down 29%
From marketbrief.now
AI;DR
The Nasdaq 100 closed in a correction, down 10% from its October 6 peak and more than 7% for its worst month since March 2025, as a tech rout wiped nearly $2 trillion from US stocks. Intel fell about 29% after guiding fourth quarter revenue to $15B to $16B against $17.1B expected, while Reddit dropped 29% on weak guidance, a new login requirement, and a CEO warning that Google's AI Mode could cut daily users by a low double digit percentage this quarter. Global hedge funds cut long and short positions by more than 8% of total gross exposure since June, the largest unwind since at least 2017, while tech suffered $11B in outflows led by $5B from Nvidia and $3.6B from Alphab.
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Sources
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- SUPPORT@awealthofcs“5 of the Mag 7s are in a double-digit drawdown right now”x.com
- SUPPORT@howardlindzon“Apple is back as most valuable company in the world as Nvidia stock is now down 10 percent from highs”x.com
- SUPPORT@mgnstnlyderivs“Active de-grossing (reduction in long + short positions) by global hedge funds has now hit over 8% of total gross exposure since June”x.com
- SUPPORT@jaredkubin“Tech bled −$11.0B while the rest of the market took in +$29.4B.”x.com
- SUPPORT@philippilk“He points to PIMCO dumping 50% of its AI debt and thinks that helped trigger the selloff.”x.com
- SUPPORT@bloombergtv“The Nasdaq 100 fell 4.2%, nearing correction territory and putting it down more than 7% for the month—its steepest monthly decline since March 2025”x.com