Oversold AI and chip stocks after the Nasdaq’s worst day since 2020 Investing.com Fri, November 6, 2026 at 9:47 AM EST 3 min read ^NDX +1.90% ^IXIC +1.68% ^GSPC +0.97% TER +3.06% INTC +5.93% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Investing.com -- Thursday's selloff hit technology stocks hard. The Nasdaq 100 fell 6.4%, its worst day since 2020. The S&P 500 lost 4.4%, and the Philadelphia Semiconductor Index dropped more than 12%. The trigger was Democratic midterm wins in key data-center states, which stoked fears of tougher AI regulation and a slower data-center buildout. Jefferies called it "reactionary, not a fundamental reset" (Nov 6, 2026).
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A screen of US large caps (market cap above $10B) in Technology with a 14-day RSI below 30 was applied. RSI is a momentum gauge, and below 30 conventionally means oversold. The screen returned 44 matches. These are the 15 most oversold:
These are screener snapshots and may lag live prices. They mostly reflect Thursday's close.
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Semis dominate. Chip designers and equipment makers (Marvell, Lam, Teradyne, Arm) took the heaviest hits. They are the most direct way to bet on data-center capex.
Memory and storage got hit hardest. SanDisk fell 22.3% in a day, Seagate 16.2% and Kioxia 20.8%.
NVIDIA looks mild by comparison. It fell 9.3% on the day, its worst since January 2025, and its RSI is still in the oversold zone.
Bull case: Premarket Friday already showed a rebound. Lam Research was up about 13%, Marvell about 10%, and SanDisk about 10.6% (Nov 6, 2026). Nasdaq 100 futures were up about 1.4%. Oversold readings often precede relief rallies.
Bear case: An oversold reading doesn't mean the selling is over. A Nov 6 analysis warned that more pain may come for AI infrastructure names as investors reassess demand after the election. The 10-year yield is near 4.87% after a strong jobs report, which pressures high-multiple growth stocks. The Nasdaq is also in correction territory and headed for a fourth straight weekly decline.
RSI shows how stretched the selling is. It says nothing about whether the regulatory risk is justified. The premarket bounces may already be erasing some of these readings.
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