QQQ slides to $706 as the chip rout deepens — $700 is the level everyone sees

The QQQ ETF closed at $706.11 on Thursday, down about 1.5%, as Taiwan Semiconductor's surprise capex increase triggered the second chip-led selloff this week. The Nasdaq 100 that QQQ tracks fell to 28,814, with semiconductors the day's heaviest drag.

Why it matters

QQQ is the world's default expression of the AI trade, and its two biggest sector weights — semis and megacap software — just started disagreeing. Chips sold off hard on the TSMC news while the broader index fell only half as much, the classic signature of rotation rather than liquidation. The round $700 level is now 0.9% away. QQQ hasn't traded below it since the June breakout, and the flows are self-reinforcing around numbers like that: options open interest clusters at $700, systematic sellers trigger below it, dip buyers wait at it. Whether the first touch holds tells you whether July's leadership change is a pause or a top.

Technical analysis

First support is $700 — round number, June breakout shelf, and the rising 50-day average all converging within a couple of dollars. A daily close below that cluster opens the gap zone toward $685–690; below there the structure from the May lows is intact but stretched. Overhead, Thursday's selling leaves resistance at $715–720 (this week's failed bounce) before the July record zone near $730. Two sessions of distribution on rising volume is a warning, not a verdict — the pattern since March has been exactly these two-to-three-day chip shakeouts that resolve higher once the megacaps steady.

BeCoin's forecast read

The model's 24-hour path leans lower while QQQ is under $715, but its weekly distribution puts the highest probability on a $700 test that holds — the confluence there is too heavy for a first touch to slice through without a macro catalyst. A daily close below $698 flips the weekly path negative toward $685. The month view stays positive while the AI-capex cycle (which TSMC just upgraded) keeps earning its multiple. The model's live ETF reads sit alongside the majors on the BeCoin forecast hub.

See where it goes next. BeCoin's AI model forecasts QQQ across six horizons — tomorrow to 10 years — and fires intraday signals the moment they trigger. Get full access to all 100+ assets → · Educational only — not financial advice.