Hotter US inflation and a global technology sell-off are unsettling investors, but selected ADX-listed ETFs are recording trading activity well above normal levels. Strong results from Anthropic and TSMC offer a counterpoint to concerns over the AI sector.
Global technology stocks faced renewed selling pressure on October 15 after US inflation accelerated, raising concerns that interest rates could remain elevated for longer.
US annual inflation reached 3.7% in September, up from 3.4% in August exceeding expectations, while monthly consumer prices increased 0.6%, according to the Bureau of Labor Statistics. Core inflation rose 0.3% during the month, reinforcing concerns about persistent price pressures.
Technology shares have been particularly vulnerable to the shifting interest-rate outlook. The sell-off spread across semiconductor markets, including South Korea, where Samsung Electronics and SK Hynix came under pressure.
he Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, retreated from its early-October high of $759.66 to $728.95 on October 14, a decline of approximately 4%, reflecting mounting pressure on US technology stocks amid renewed inflation concerns.
For investors, the concern is that higher borrowing costs could weigh on valuations for technology companies whose expected profits depend heavily on future growth.
ADX ETF Trading Accelerates Despite Global Sell-Off
While technology stocks faced pressure internationally, trading activity in selected exchange-traded funds on the Abu Dhabi Securities Exchange (ADX) remained strong.
On October 15, the Boreas Quantum Computing ETF (QUANTM) recorded approximately AED 448,700 in traded value, equivalent to 7.7 times its 30-session average. The Lunate S&P US Shariah Value ETF (USVALUE) followed with AED 160,900, or 5.2 times its average.
QUANTM traded above its average in all three monitored sessions, while USVALUE recorded above-average turnover twice.
The figures highlight ADX's growing role as a venue for trading international and thematic exposures during periods of heightened market volatility. However, higher turnover indicates greater trading participation, not necessarily rising ETF prices or net investor inflows.
ADX ETF Trading: October 13-15
Source: Market data supplied to Nukoud. Figures represent AED traded value; October 15 is the latest snapshot.
Across the four monitored ETFs, three recorded at least one above-average session during the period. The strongest sustained activity came from QUANTM, which maintained elevated turnover throughout all three sessions.
Is the AI Outlook Really Deteriorating?
Despite the market sell-off, recent corporate results suggest underlying AI demand remains substantial.
Anthropic reported US$16.8 billion in third-quarter revenue, approximately 45% higher than the previous quarter, according to The Information. The company also reported an 11% adjusted operating margin for the year through September, although its revenue growth has slowed from earlier in 2026.
Meanwhile, TSMC exceeded earnings expectations, reporting record third-quarter net profit of NT$763.1 billion, up 69% year-on-year and above analysts’ estimate of NT$746.3 billion.
Revenue reached US$46.72 billion, while TSMC forecast fourth-quarter revenue of US$52.3 billion to US$54.3 billion, reflecting continued strong demand for advanced semiconductor manufacturing.
These results suggest a distinction between stock-market valuations and business fundamentals. Investors may be less willing to pay premium prices for AI-linked shares, even as companies continue generating substantial revenue and earnings.
What It Means for GCC Investors
The contrast between falling global technology shares and elevated ADX ETF turnover shows how investors are engaging with international markets through regional exchange-listed products.
QUANTM and USVALUE have attracted particularly strong trading activity, although the pattern is not uniform across the ETF market.
For GCC investors, the key question is whether inflation-driven volatility represents a temporary valuation adjustment or a more persistent challenge to technology shares.
Anthropic's revenue expansion and TSMC's record earnings suggest that AI demand remains commercially significant. Meanwhile, elevated trading in selected ADX-listed ETFs demonstrates continued market participation even as global investors reassess risk.
