Dow snaps three-day win streak as chip selloff drags S&P 500 and Nasdaq lower

The Dow Jones Industrial Average’s winning streak ended at three on October 13, 2026. The blue-chip index slipped approximately 0.2-0.4%, or around 137-180 points, as a selloff in chip stocks pulled the broader market down with it. The S&P 500 and the Nasdaq Composite also edged lower. The trigger was an unusual one: a semiconductor CEO talking down the very trade that has made his industry rich. Chips take the hit Semiconductor names led the decline after Broadcom CEO Hock Tan likened AI investing to “casino gambling.” Tan’s comments landed alongside reports that Chinese memory chipmaker ChangXin Memory Technologies, known as CXMT, has advanced work on a new DRAM architecture. DRAM is the short-term memory that computers and AI servers lean on to process data quickly. A stronger Chinese competitor in memory could mean more supply and less pricing power for incumbents. Micron Technology, the largest US memory maker, saw its shares drop approximately 4-6%. The weakness was not confined to American markets, as memory and semiconductor stocks sold off globally. The Philadelphia Semiconductor Index, the benchmark that tracks the chip sector, extended its losing streak to five or si...