The AI Trade Came Back in Four Sessions
Stocks jumped nearly 6% in less than a week after results from Microsoft, Amazon and Alphabet, erasing most of a July semiconductor rout and carrying the S&P 500 back to record territory.
Section
Stocks & Markets
Indexes, earnings and the trading day
Long Bonds Are the Weak Link: Yields Near 20-Month Highs
The 10-year Treasury yield has climbed toward 4.75% even with the Fed on hold, as heavy issuance, sticky inflation and a rising term premium push investors away from long maturities.
Gold's Round Trip: A January Record, Then a Long Slide
Bullion peaked near $5,600 an ounce in late January before giving back a substantial share of that gain, even as it holds roughly 30% above where it traded a year ago.
The Earnings Gap Between Big Tech and Everyone Else Just Collapsed
The largest technology companies grew profits about 31% in the second quarter against 23% for the rest of the S&P 500 — an advantage that has shrunk from more than 45 points in a single quarter.
The Memory Supercycle: Micron Above $1,000, SanDisk Up Nearly 600%
DRAM and NAND makers have become the year's defining trade as AI systems run into a memory bottleneck that executives say will not clear before 2028.
Chip Stocks Shed More Than $1 Trillion in a Global AI Reckoning
A July rout erased hundreds of billions from Nvidia, Samsung, SK Hynix and Micron, sent South Korea's market into circuit breakers and pushed the Nasdaq toward correction on fears that AI capital spending is peaking.
Intel Falls 21% in Seven Sessions as AI Spending Fears Spread
The July semiconductor selloff hit hardest at the companies with the least exposure to the AI order book, and Intel — still rebuilding its foundry business — took the worst of it.
A Market That Sets Records and Panics in the Same Month
The VIX above 25 at the end of June, a trillion-dollar chip selloff in July and an all-time high in August describe a market with unusually violent internal rotation beneath a rising index.