The main ghost in the room was the chip sector. The Philadelphia Semiconductor Index fell 7.2%, and it finished October more than 15% lower. The spark came from Intel. The stock sank almost 29% for its worst day since 1974 after a profit forecast that landed below what analysts expected. The company pointed to a weak PC market, manufacturing hurdles and heavy spending to expand production, and said it will burn cash this year. Fourth quarter revenue was guided to 15 to 16 billion dollars against about 17.3 billion expected.

Honestly, this is where the Intel story ends for me. While the rest of the chip world was busy feeding the AI data centers, Intel was explaining why PCs sell badly. The AI chance came by, looked around and moved on to other addresses. That is my view, and Friday did nothing to change it.

The pain was not limited to chips. Reddit lost about 29% and Twilio about 15%, so software got its own costume too. Big spenders did not help the mood either. Amazon reiterated about 220 billion dollars of capex for 2026 and said it will spend meaningfully more in 2027, while its free cash flow over the past twelve months turned into an outflow of 42.4 billion dollars. Even AWS growing 39% could not calm the room. Investors are asking who pays for all of this and when the money comes back. The Nasdaq 100 was heading for a 2 trillion dollar wipeout in October.

Money did not vanish, it just changed seats. Energy gained about 13% in October, and healthcare, utilities and consumer staples were all heading for gains above 10%. The fear gauge also stayed polite: the VIX jumped nearly 13%, but only to 19.42. That is a nervous cough, not a scream.

Now the treat. If you had cash on the sidelines, Friday handed out candy. Names like Nebius and Broadcom sit right in the middle of the AI infrastructure story, and the whole chip group just got a haircut. Nebius was already about 47% below its June peak a week earlier, though still up roughly 90% for the year. Who knows when you will see prices like these again?

The next regular session opens on Monday, November 2. Until then, put on a costume, hand out some candy and keep your portfolio away from the mirror. Boooooo! Happy Halloween!

This is not financial advice. Always conduct your own due diligence and consider the inherent volatility and risks associated with small-cap equities, private investments, cryptocurrencies, and pre-IPO holdings.

DYOR, NFA, and E&OE. This article is for informational purposes only and does not constitute investment advice. This is not an investment recommendation or similar advisory, but merely reflects the opinion of the author, who holds a position in the stock discussed. Always conduct your own due diligence. Past performance is no guarantee of future results. Errors and omissions excepted.