Vancouver – October 10, 2026 -- The PHLX Semiconductor Index finished the week ended October 9 lower after the Financial Times reported that OpenAI told investors its annualized revenue was nearing $50 billion at the end of September, below the roughly $70 billion cited in earlier media reports.
The iShares Semiconductor ETF had advanced for five consecutive sessions at the start of October, and the sector's largest company hit a record high. Semiconductor valuations are closely tied to expectations for AI infrastructure spending, so the Thursday report weighed on the group while the broader market proved more resilient.
Rally of 73% year to date leaves the sector exposed to rate and oil moves
The PHLX Semiconductor Index was up 73% year to date as of late September, and several of the sector's largest constituents have posted triple-digit gains in 2026. Higher long-term Treasury yields and a rise in crude oil prices added midweek pressure, as higher discount rates weigh most on companies valued on long-term growth expectations.
TSMC posts September revenue of NT$511.86 billion, up 54.6% year on year
TSMC shares hit a record high on October 5 after Elon Musk confirmed early-stage discussions about a role for the company in his planned Terafab chip complex in Texas, calling them "just discussions." On October 8, TSMC reported September revenue of NT$511.86 billion, down 0.6% from August. Revenue for the first nine months of 2026 reached NT$3.90 trillion, up 41.1%.
Intel's Terafab role stays unresolved after Musk's sublease comment
Intel shares fell on October 5 after Musk indicated TSMC could participate in Terafab, a project Intel joined as a partner in April. On October 8, Musk said his companies will build and operate the Texas complex and that another chipmaker could at most sublease part of the site. Intel has said it will remain involved, but the scope of its role has not been finalized. The stock was still up about 215% year to date as of the October 5 close.
NVIDIA outperforms on $150 billion buyback authorization
NVIDIA shares reached a record high on October 5, lifting the year-to-date gain to about 24.8% and the advance since the August 26 earnings report to about 14%. On September 28, when chip stocks fell on AI safety concerns, NVIDIA rose after announcing a $150 billion share buyback authorization and releasing two open-source tools designed to help control AI agents.
Arm falls during five-day Qualcomm licensing trial
Arm shares declined during a five-day jury trial in federal court in Wilmington, Delaware. Qualcomm alleges Arm breached their licensing agreements and sought to undermine Qualcomm's dealings with Meta Platforms; Arm denies the claims. The case went to the jury on October 9. The judge has not yet ruled on whether a clause that could let Qualcomm stop paying royalties for five years is enforceable. Arm reports earnings on November 4.
Micron slips despite Rosenblatt target increase to $1,900
Micron shares declined alongside other memory producers even after Rosenblatt raised its price target to $1,900 from $1,500 on October 6, citing a beat-and-raise quarter and the potential for buybacks. Memory names had advanced with the broader group in early October before sentiment turned.