Chip stocks' hidden bear market: down 26% to 66% from all-time highs
As seen on the 24/7 Wall St. homepage on November 7, 2026.
A 6% dip in the S&P 500 hid a full-blown bear market in chip equipment names, with Lam Research down 58% from its high at Thursday's low. Dip buyers are picking from very different discount racks.
% Below All-Time High (@ Nov 5 Correction Low) S&P 500: -6% Nasdaq 100: -15% Nvidia $NVDA: -26% Taiwan Semi $TSM: -28% SK Hynix $SKHY: -39% AMD $AMD: -39% Broadcom $AVGO: -41% Micron $MU: -48% Applied Materials $AMAT: -57% Lam $LRCX: -58% Intel $INTC: -64% Sandisk $SNDK: -66%
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At the November 5 correction low, the S&P 500 sat just 6% off its all-time high, a number that looked almost tame. But that headline figure masked a far more severe washout running through the semiconductor space, where individual names had already suffered drawdowns ranging from deep to outright devastating.
The damage gets progressively worse the further down the chip supply chain you go, with Nvidia off 26% at that low and Broadcom having given back 41% from its peak.
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Chip equipment makers bore the worst of it, with Sandisk at the bottom of the list at 66% below its all-time high, a drawdown that puts it deep inside bear market territory regardless of what the broader index was doing.
For investors using the S&P 500's modest 6% pullback as their primary risk gauge, this list from Charlie Bilello is a pointed reminder that index-level calm can coexist with sector-level carnage. Anyone shopping for semiconductor exposure at the November low was picking from a very wide range of discount levels, with very different risk profiles attached to each.
