Key Highlights

  • KEYX fell 17.79% to $17.49 as screened on Friday, October 23, 2026.
  • The 2x daily structure implies Keysight fell roughly 8.9%, calculated before fees.
  • Keysight's fiscal third-quarter revenue rose 36% to $1.85 billion and orders reached $2.09 billion.
  • Non-GAAP earnings per share were $3.07 against $1.72 a year earlier.
  • Fiscal fourth-quarter revenue is guided to $1.93 billion to $1.95 billion.

Keysight Orders and the ETF: Why Did KEYX Fall 17.79% Despite Strong Demand?

Corgi KEYS 2x Daily ETF (CBOE:KEYX) fell 17.79% to $17.49 on Friday, October 23, 2026, as screened. Because the fund targets twice the daily move of Keysight Technologies (NYSE:KEYS), the figure implies the shares fell roughly 8.9%, calculated before fees, from a fund price near $21.27.

Keysight made no announcement that was identified for the session, and its last report was strong. The fall fits a sector reversal: Lam Research (NASDAQ:LRCX) closed down 11.76% on Thursday, October 22, and KLA (NASDAQ:KLAC) down 9.55%, while Aehr Test Systems (NASDAQ:AEHR), a smaller test supplier, was down 43.82% over one month with no announcement identified.

Fiscal Third Quarter: What Did Keysight Report on August 18?

Keysight designs electronic test and measurement systems, software and services used by communications, AI infrastructure, aerospace and industrial customers. Revenue for the quarter ended July 31 was $1.85 billion, up 36% from $1.35 billion, with Communications Solutions at $1.345 billion, up 43%, and Electronic Industrial Solutions at $501 million, up 21%.

Orders were $2.09 billion against $1.34 billion a year earlier, about 56% higher, calculated. Non-GAAP earnings were $3.07 per share against $1.72, and GAAP earnings were $2.30 against $1.10.

The company's release listed AI infrastructure among the markets it serves, and the communications group grew fastest, up 43%. Demand tied to AI and network buildouts is therefore a main part of the story, which is why the shares can trade with other AI hardware suppliers even when no company news appears.

Fourth-Quarter Outlook: What Is the Next Test for the Shares?

For the fiscal fourth quarter, which ends October 31, Keysight guided revenue to $1.93 billion to $1.95 billion, about 37% growth at the midpoint, and non-GAAP earnings to $3.34 to $3.40 per share on about 172 million diluted shares. The midpoint implies roughly 4.3% growth from the third quarter, calculated.

A reading that keeps orders above revenue would support the demand case; a slower order pace would test it. Results for the quarter come after the October 31 quarter end, and the Federal Reserve meets on October 28. Analysts and investors will also watch Lam's December-quarter guide of $8.6 billion, plus or minus $400 million, for signs that test and equipment demand holds.

KEYX Structure: How Does Daily Leverage Magnify a Roughly 8.9% Move?

KEYX began trading on June 23, 2026, on Cboe BZX. It charges 0.45%, gains exposure through swaps and held about $262.11 thousand in net assets.

Each day the fund resets to twice that day's stock return. A 17.79% loss therefore requires about a 21.6% gain to recover, calculated, and a stock that falls 8% then gains 8% finishes down 0.6% while a 2x daily fund finishes down about 2.6% (calculated, before fees). Losses can build quickly in volatile periods, and the fund is designed for short holding periods, not as a measure of the company's value.