In mid-October 2026, a massive selloff in artificial intelligence-related stocks combined with a spike in crude oil prices to erase over $1 trillion in tech market capitalization in a single week. The Nasdaq 100 posted its worst weekly performance since April 2025, falling 5.5%, while semiconductor shares endured an eight-session losing streak, the longest since 2008, with the sector benchmark shedding 16%. Brent crude reached $110 per barrel, its highest level since May 2026, as Middle Eastern supply issues pushed prices higher. Global fundamental long-short hedge funds lost 2.9% for the week ending October 15, 2026, with funds focused on Asia particularly challenged given their exposure to the semiconductor supply chain.
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