Oct 22, 2026 · 20 min
Bond pressure exposes weakness beneath tech’s AI trade
Tech Stocks Hit, Yields Plunge As AI Trade Fizzles: NetApp, Amgen, Nasdaq In Focus
The episode shows how rising yields, semiconductor breakdowns, and defensive rotation are reshaping the market’s leadership while select stocks hold firm.
- 1Rising bond yields drove a 2.6% Nasdaq decline and intensified selling across technology and semiconductor stocks.
- 2Investors rotated toward consumer staples and utilities as NetApp and Amgen showed contrasting forms of relative strength.
- 3Nasdaq shares broke out after earnings, extending a broader exchange-operator rally despite weakness elsewhere in tech.
Don't miss
Nasdaq shares rise 7.5% after earnings and clear the 100 level, standing out as a powerful countertrend move during the technology sell-off.
The brief
Alissa Coram and Ken Shreve open with a technology-led market sell-off, as the Nasdaq falls sharply and investors reassess the durability of the AI trade.
Rising bond yields pressure growth stocks while the semiconductor ETF tests its 200-day average and AMD faces heavy-volume selling, even as equal-weighted breadth diverges.
The rotation is unmistakably defensive: consumer staples and utilities outperform as money leaves technology, with Coca-Cola, Procter & Gamble, and Colgate-Palmolive among the steadier names.
NetApp holds above key support despite hardware weakness, while Amgen breaks out near its 50-day average and shows the kind of relative strength investors seek in a damaged market.
Nasdaq shares jump 7.5% after earnings and clear long-term resistance, offering a sharp counterpoint to the broader technology sell-off and reinforcing strength among exchange operators.
The episode closes with mixed reactions in Western Digital, Bloom Energy, and MaxLinear before previewing guidance on managing conditions and preparing for the market’s next turn.
What was said on this episode
11 statements · 8 positive · 2 negative · 1 mixed
AMD broke support and recent lows, showing weak technical action.
“finally gave up support and broke below recent lows, showed some pretty weak technical action today”
Listen at 6:12
Market money flowed out of technology and into safe-haven assets.
“out of tech and into the safe havens”
Listen at 9:34
NetApp could become a technology leader after Nasdaq selling resolves.
“this is a stock market leader and one that we want to pay attention to here because I thought the price action was decidedly bullish today and I think it's proving itself that this is a tech name that we want to be watching in the future here so that once the selling does kind of resolve itself in the NASDAQ, this is a name that could go on to be a leader in the tech space”
Listen at 11:16
Amgen is clearly under institutional accumulation.
“a stock that's clearly... under accumulation here”
Listen at 12:20
Amgen presents an actionable buy setup.
“a stock that's actionable here”
Listen at 12:35
Amgen is a solid blue-chip with a strong technical setup.
“Amgen is just a really solid blue-chip name and great technical setup here”
Listen at 12:51
Amgen tends to trade orderly, with ATR around 2.5%.
“the ATR is down around the 2.5%, so it tends to trade fairly orderly”
Listen at 13:40
Nasdaq is executing well as a solid company.
“NASDAQ is a good, solid company that's executing quite well”
Listen at 15:24
Bloom Energy's fuel-cell technology has very bright growth prospects.
“growth prospects remain very, very bright, again, for the company's fuel cell technology”
Listen at 16:54
Bloom Energy will continue reporting strong earnings and revenue growth.
“It's going to continue to report very, very strong bottom line and top line growth”
Listen at 17:10
MaxLinear appears likely to consolidate for longer.
“looks like it's ready to consolidate a little while longer”
Listen at 18:26
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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