Philadelphia semiconductor index falls 5.86%, its largest drop since July 1. Nvidia closes at $210.96, down 3.36%. For those so-called cutting-edge model companies—some are talking about slowing down. Anthropic has also changed its data retention policy again. Nvidia and Palantir have both tightened the use of their flagship models. Along the same lines, expectations for AI compute spending have been downgraded by one tier.
On the other side of the market, someone was snatching up shares. CrowdStrike jumps 13.85% to close at $235.38, setting a new all-time closing high. Zscaler rises 16.5%, and the cybersecurity ETF also posts its biggest single-day gain in history. The market’s worries flipped—after being disrupted by AI for a whole year, the software security stocks that were hit hardest suddenly caught their breath. I stared at Zscaler’s big bullish candle for a long time and didn’t dare move. With the whole sector gapping up together, chasing in is easy to end up standing watch.
The yield on the 10-year U.S. Treasury touched 5% during the day. Oil prices move above $105. The CME’s September rate-hike probability prints 94.5%. Before the Fed speaks on Wednesday, this chip move—has it been continued liquidation, or will someone come back overnight to pick it up? Hard to say.
On the other side of the market, someone was snatching up shares. CrowdStrike jumps 13.85% to close at $235.38, setting a new all-time closing high. Zscaler rises 16.5%, and the cybersecurity ETF also posts its biggest single-day gain in history. The market’s worries flipped—after being disrupted by AI for a whole year, the software security stocks that were hit hardest suddenly caught their breath. I stared at Zscaler’s big bullish candle for a long time and didn’t dare move. With the whole sector gapping up together, chasing in is easy to end up standing watch.
The yield on the 10-year U.S. Treasury touched 5% during the day. Oil prices move above $105. The CME’s September rate-hike probability prints 94.5%. Before the Fed speaks on Wednesday, this chip move—has it been continued liquidation, or will someone come back overnight to pick it up? Hard to say.