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Semiconductor shares stayed under pressure on October 13, 2026, as investors questioned whether artificial-intelligence spending can produce returns quickly enough and weighed growing Chinese competition. At the same time, major U.S. banks opened the quarterly earnings season with profit growth but mixed signals, including a JPMorgan earnings miss against the analyst expectation cited by The Associated Press.
What happened at the October 13 market open
The initial U.S. session was split rather than uniformly risk-off. Reuters reported these opening levels:
| Index | Move | Opening level |
|---|---|---|
| Dow Jones Industrial Average | Up 242.4 points, or 0.47% | 52,092.99 |
| S&P 500 | Down 12 points, or 0.15% | 7,795.27 |
| Nasdaq Composite | Down 107.2 points, or 0.39% | 27,138.729 |
These are opening figures from an intraday report, not closing results. Share prices and index levels could change substantially later in the session.
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The previous session, October 12, ended with the S&P 500 down 0.1%, the Dow up 0.4% and the Nasdaq down 0.4%, according to AP. Traders were also awaiting inflation and retail-sales updates and the first major bank reports.
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Why chip stocks are still falling
Investors are reassessing AI spending
Market coverage described the semiconductor decline as an extension of an ongoing selloff, not a single-company event. Bloomberg’s market wrap, carried by SWI swissinfo.ch, said investors were reassessing whether the scale of AI investment can be sustained. Safety concerns and indications of funding strain have added to doubts about the timing of returns. The same report noted that strong corporate earnings could still provide support for the broader market, showing why sentiment remains conflicted.
Chinese competition adds pressure
Reuters reported renewed concern after progress by Chinese memory-chip maker CXMT. Investors worry that faster advances by Chinese manufacturers and AI companies could challenge established suppliers and reduce the long-term pricing power implied by current AI demand.
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Concentration and return timing remain market risks
Another concern is concentration: a relatively small group of technology companies and chip suppliers has carried much of the market’s AI enthusiasm. Investors are asking whether spending will generate cash returns soon enough to justify those valuations. Those explanations describe reported market concerns; they do not prove that one factor caused every semiconductor share to decline.
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JPMorgan: higher profit, lower-than-expected earnings per share
JPMorgan reported third-quarter 2026 profit of $15.3 billion, or $5.57 per share, compared with $14.4 billion, or $5.07 per share, in the same quarter a year earlier. Profit and per-share earnings therefore increased year over year. However, AP cited an analyst expectation of $5.93 per share, putting the reported $5.57 below that estimate.
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| JPMorgan measure | Third quarter 2026 | Third quarter 2025 |
|---|---|---|
| Net profit | $15.3 billion | $14.4 billion |
| Earnings per share | $5.57 | $5.07 |
| Analyst EPS expectation cited by AP | $5.93 | Not stated |
Other large banks also posted year-over-year profit growth
AP reported that Citigroup, Wells Fargo and Goldman Sachs also earned more than they did a year earlier. The opening batch was not an unqualified all-clear, however. The banks warned about the longer-run effects of higher interest rates and the possibility that persistent price increases could weaken consumers if inflation is not brought under control. Those comments were reported as management warnings from the individual banks, not as identical statements made by every institution.
How the bank reports relate to the chip selloff
The two stories provide different signals. Semiconductor weakness reflects questions about AI demand, competition and the speed of investment payback. Bank results show that large financial institutions can still grow profits, while their management teams are highlighting macroeconomic risks. A Dow rise alongside declines in the S&P 500 and Nasdaq is consistent with investors rotating between sectors rather than making one simple judgment about the entire economy.
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JPMorgan’s result also illustrates why “higher profits” and “better than expected” are not interchangeable. Its earnings increased from a year earlier but fell short of the cited per-share forecast. That distinction can matter for the stock’s immediate reaction even when the underlying business is more profitable than it was last year.
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What this snapshot does—and does not—establish
- It documents continued semiconductor selling pressure during the October 13 session and the AI, competition and concentration concerns reported by market coverage.
- It records a mixed opening for the major U.S. indexes, not a final daily performance.
- It shows year-over-year profit growth at four major banks, alongside warnings about rates and consumer effects from inflation.
- It does not establish a lasting reversal for technology shares or bank stocks.
- It is not a forecast or a basis for an investment decision; the figures and sentiment are time-bound to the U.S. session reported on October 13, 2026.
What to watch next
Readers following the story should distinguish later closing prices from these opening levels, compare additional bank results with both prior-year figures and analyst expectations, and look for whether chip companies provide evidence of sustained AI orders and improving returns. Inflation and retail-sales data will also influence how investors interpret the banks’ consumer warnings. Until those signals develop, the available evidence supports a description of heightened uncertainty rather than a confirmed new market trend.
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