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Key Takeaways
- Chip-stock contracts held rose 60% over two days.
- The underlying stocks fell between 12% and 28%.
- Funding hit about five times its resting level.
- Megacap tech contracts held dropped 27%.
The AI trade broke, and chip contracts grew
Dune’s November 6 study tracked Hyperliquid’s stock perpetuals through November 4-5, the two sessions after the midterm vote, and found traders building chip exposure while the stocks fell and funding climbed.
The selloff had a political trigger. Democrats’ sweeping midterm wins raised concern on Wall Street that the AI data-center buildout could slow, and chip and data-center stocks slipped on November 4 even as the wider market rallied. On November 5, CNBC reported that the Nasdaq fell 5.5%, its worst day since April 2025. Nvidia and Qualcom...
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