A multi-fold jump in profits at China’s ChangXin Memory Technologies has triggered another round of selloffs in chip stocks in Friday’s trade on October 30, while disappointing earnings from Amazon and Intel have added to growth concerns on Wall Street.
The losses were led by Intel, which plunged 30%, followed by Advanced Micro Devices (AMD) (12%), Qualcomm (12%), SanDisk (9.7%), Broadcom (5%), Nvidia (4.86%), Micron Technology (4%), and Amazon (2%).
China’s ChangXin Memory Technologies (CXMT) reported a more than sevenfold year-on-year increase in third-quarter revenue to 118.71 billion yuan ($16.7 billion), up 19.3% from the previous quarter, driven by strong demand for memory chips and tight global supplies.
Net profit attributable to shareholders stood at 54.4 billion yuan ($8.17 billion) for the three months ended September 30, compared with a loss in the year-ago period. However, sequential profit growth was more modest at around 3%.
For the first nine months of 2026, revenue reached 269.02 billion yuan, while net profit attributable to shareholders stood at 132.04 billion yuan, reversing a loss of approximately 5.3 billion yuan in the corresponding period last year.