The Philadelphia Semiconductor Index ($SOXX) fell for an eighth straight session, its longest losing run since 2006, as neoclouds, cybersecurity and Big Tech slid.
APPLIED MATERIALS INC ( $AMAT | โผ6.69%) was among the biggest losers on Wall Street. At a chip industry conference, investors hoped CEO Gary Dickerson would put a number on equipment demand for the coming quarters.
He didn't. He said demand for computing capacity would keep growing very strongly, and the company announced a $5 billion facility designed to speed up the development of AI chips.
Market Breadth Trend Assessment
Current Rating: 5 - Neutral with Positive Bias
Friday's session strengthens the case for a more constructive market outlook. $SPY and $QQQ remain close to their all-time highs, supported by positive short- and long-term technical trends.
Meanwhile, $IWM is showing signs of stabilization, with a potential double-bottom formation supported by elevated trading volume.
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Hyperscalers took a hit yesterday following OpenAI's disappointing revenue figures...
But the difference between companies with (too) much debt and companies with a lot of cash on their balance sheets is telling!
$META $GOOGL $MSFT $CRWV $IREN
@QCompounding@Quality_stocksA
Webull caught in the US-China crossfire
The sharpest drop of the day came from WEBULL CORP ($BULL | โผ19.09%), which lost 19% after a congressional committee report claimed the broker's ties to China pose a risk.
SpaceX wants $40 billion to buy chips
That higher rates make the AI race more expensive became very concrete with SPACE EXPLORATION TECHN-CL A ($SPCX | โผ2.51%).