Nasdaq 100 beats chip index by 460 basis points as hyperscalers rally

Big tech platforms added over $750 billion in value after the midterms while semiconductor stocks slid more than 3% Wednesday’s market looked calm from a distance. The Nasdaq-100 climbed approximately 0.9% on November 4, 2026, the session after a Democratic sweep in the US midterm elections. Zoom in, and the picture changes. The Philadelphia Semiconductor Index (SOX) fell about 3.1% on the same day, leaving a gap of roughly 4.6 percentage points, or 460 basis points, between the two benchmarks. That spread ranks among the widest daily gaps in over a decade. Landlords up, suppliers down The winners were the hyperscalers, the giant platforms that own and operate massive computing infrastructure. Apple, Amazon and Microsoft carried most of the load. Amazon jumped 7.4% to a three-month high. Apple gained nearly 7% and closed at a record. Microsoft, Alphabet and Meta posted gains ranging from 2% to 6.3%. Taken together, the hyperscaler group added more than $750 billion in market value following the election results. The other side of the ledger was rough. Nvidia, Broadcom and Micron were among the main drags on the SOX, which ended the day at 10,268.65 after a 3.09% decline. The pain e...