Recherche vérifiée par sources: Binance / Bitget

The four reasons chip stocks are falling

1. Inflation and the Fed. The US September consumer price index rose 3.7% year over year, above the 3.6% forecast, and core CPI rose 2.6%. CNBC reported that a 9.1% jump in gasoline accounted for more than half of the monthly rise, a direct link to energy prices and the conflict in the Middle East. After the release, the CME FedWatch tool showed the odds of a rate hike at the Fed's 27–28 October meeting at roughly 37%, up from 22% on Tuesday and about 18% a week earlier. Higher rates hit the most expensive growth stocks hardest, and semiconductors have been the market's most crowded growth trade. By the US afternoon the Nasdaq was down about 2% and the S&P 500 more than 1%.

2. AI spending and the cost of capital. On Monday at a conference in Singapore, Broadcom CEO Hock Tan warned that access to capital could become the next constraint for the industry, and, according to Reuters, likened some of the money pouring into the sector to "casino gambling". That landed badly with investors who have priced chip makers on the assumption that AI data-centre spending keeps rising. If borrowing gets more expensive, the companies building that infrastructure may slow down, and CNBC noted that AI infrastructure names led the market lower on Wednesday.

3. China's CXMT. Reports that ChangXin Memory Technologies, China's largest memory chip maker, has a new memory-cell design that packs more storage into less space hit memory stocks first. Micron lost 3.6% on Tuesday and was down about 4% again on Wednesday, and Applied Materials dropped almost 7% on Tuesday. CXMT aims to ship the new chips by the end of the year.

4. Big customers designing their own chips. Microsoft's new Maia AI chip added to fears that the largest buyers will rely less on outside suppliers over time.

None of these is a collapse in demand; Micron, for example, has signed long-term supply agreements covering a large share of its future output. But together they turned a strong 2026 trade into a seven-day sell-off. CNBC said it is SOXX's worst losing streak since May 2025, and the ETF last fell eight sessions in a row in September 2015.

How it looks on crypto exchanges

Binance, Bitget and other crypto exchanges now list "TradFi" perpetual futures on US stocks and ETFs, settled in USDT and open around the clock. Binance's exchange data classifies SOXLUSDT, NVDAUSDT, MUUSDT and AVGOUSDT as TradFi perpetuals on equities. Because they keep trading after the US close and before the open, they often show the move first. Here is the picture at 02:50 SGT on 15 October, about an hour before the US close:

The timing shows where the selling came from. In the hour of the CPI release, SOXL's perpetual fell from $124.42 to $119.65 on $313 million of trading. The next hour, as the US market opened, it fell to $117.38 on $541 million, the busiest hour of the day. By 02:50 SGT it was near $110.80, down about 11% from the last price before the data. Because SOXL is built to move three times the daily move of a chip index, an 11% drop in SOXL is consistent with the roughly 4% fall in SOXX.

The perp market is crowded. Open interest on Binance's SOXL perpetual rose from $157 million to $184 million over the 24 hours, up about 17%, while the price fell. Funding is still positive: 0.0385% on Binance and 0.0895% per eight hours on Bitget, where SOXL traded $558 million in a day. Positive funding means longs pay shorts, so many traders are still buying the dip with leverage. On Bitget's rate, holding a $1,000 long for a full day costs about $2.69 in funding alone (our arithmetic: 0.0895% × 3).

Our liquidation feed, which covers Binance and OKX, shows the cost of that crowding: SOXLUSDT was the seventh-largest symbol for liquidations in the four hours to 02:44 SGT, with $2.13 million of positions closed, alongside a $126.6 million wave across all symbols in the same window.

What this means for you

If you own chip stocks or a chip ETF directly, the business news this week is about rates, capital and competition, not about demand falling off a cliff. The next tests are close: the Fed's Beige Book, producer prices and retail sales over the next two days, then the Fed meeting on 27–28 October. Our economic calendar lists the release times in SGT.

If you trade stock perpetuals on a crypto exchange, remember that SOXL is already a 3x product. Opening it at 10x gives you roughly 30x exposure to the chip index, so a 3.3% move in semiconductors can wipe out the whole margin. Before you enter:

1. Size for the leverage you already have. Use 2–3x on SOXL rather than the 10–20x you might use on bitcoin. Our liquidation and mark price lesson shows how to work out your liquidation price. 2. Mind the gap hours. The US cash market closes at 04:00 SGT and opens at 21:30 SGT (one hour later after US daylight saving time ends in November). Perps keep trading, but liquidity is thinner overnight and prices can jump at the open. 3. Check funding before you hold. On a crowded long, funding can cost more than the fees. Compare rates on our funding-rate board before you carry a position overnight.

How to act on this: Bitget lists SOXLUSDT and other US stock perpetuals next to its crypto markets, so you can hedge a chip position or trade the rebound from the same USDT account. Opening an account through our Bitget profile with code nexu888 returns up to 60% of your trading fees automatically. If you would rather own the shares than trade a perpetual, see our guide to buying US stocks with USDC.

Quick answers

Why are chip stocks down today? Hot September inflation (3.7% vs 3.6% expected) raised the odds of an October Fed hike, on top of a week of worry about AI spending, the cost of capital and competition from China's CXMT.

How much has SOXX fallen? About 4% on Wednesday and nearly 12% over seven straight losing sessions, according to CNBC, the worst streak since May 2025.

Why did SOXL fall 11%? SOXL is a 3x leveraged semiconductor ETF, so it moves about three times the daily move of its chip index. Its perpetual on Binance fell 10.71% in 24 hours to $110.80.

Can I trade chip stocks on a crypto exchange? Yes, through TradFi perpetual futures such as SOXLUSDT, NVDAUSDT and MUUSDT on Binance and Bitget. They track the stock price, settle in USDT and trade around the clock, but you do not own the shares.

What comes next? Producer prices and retail sales this week and the Fed meeting on 27–28 October. Follow forced closures live on our liquidations page.