Chips took a brutal hit from AI costs and new supply, but our software names found their rhythm today
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Morning brief: Yields and oil took a welcome dip, and chips got the memo while our SaaS names found their rhythm
Published
Tech Rotates as Yields and Oil Cool
Capital is aggressively rotating from AI chips to oversold software as US-Iran talks cool oil and bond yields.
SanDisk Plunges 11.02% Amid Memory Chip Rout
SNDK fell 11.02% following a sharp sell-off in Asian chipmakers and rising competitive fears from Chinese memory debut CXMT.
Atlassian Jumps 10.35% on AI Integration
TEAM surged 10.35% after launching AI-native coding agents in Jira and riding a massive sector rotation into oversold SaaS.
Workday Spikes 9.01% on Software Rotation
WDAY soared 9.01% following bullish RBC commentary highlighting its AI-driven vendor defensibility during a massive enterprise software rally.
Watch The Fed and Mega-Cap Earnings Wednesday
Tomorrow brings a pivotal Fed rate decision alongside a dense earnings slate that will test this fragile tech sector rotation.
Posture: With Fear at 41 and a looming Fed decision, a cautious posture is warranted as capital rotates out of semis into software.
Upcoming earnings
Evening brief: Chips took a brutal hit from AI costs and new supply, but our software names found their rhythm today
Published
Tech and Semis Enter Brutal Selloff
The Nasdaq-100 tumbled near correction territory as rising AI costs and Chinese competition sparked a massive rotation out of chip stocks.
SNDK Plunges 14.3% on Weak Demand
Sandisk crashed 14.25% today amid a broader memory selloff, fueled by weak flash demand and fears over new Chinese supply flooding the market.
Workday Surges 8.2% Ahead of Earnings
WDAY popped 8.24% as investors rotated into software and bought the dip ahead of its August earnings report, ignoring recent analyst downgrades.
Bloom Energy Drops 11.3% Before Beat
BE fell 11.34% in the tech rout but popped 7% after-hours on a huge Q2 revenue beat and raised full-year 2026 guidance.
Watch Big Tech Earnings For AI Clues
Tomorrow brings a massive test for the AI infrastructure trade. Watch if heavy hyperscaler capital expenditures are finally yielding tangible returns.
Posture: Defensive. With Fear at 38 and a brutal semiconductor selloff, we are building cash while selectively rotating into software and quality defensives.
Tickers in focus: QQQ, SNDK, WDAY
Upcoming earnings
The day's lineup changes
No lineup changes this day.
← Monday, July 27, 2026 · Wednesday, July 29, 2026 → · July 2026 archive · Archive