Nasdaq — record close at 27,477 while the chip funds sit 5–15% below their June peaks

The Morning 10

Nasdaq — record close at 27,477 while the chip funds sit 5–15% below their June peaks

1. 1 Nasdaq — record close at 27,477; Nasdaq-100, QQQ and the tech fund XLK at records for a second day
2. 2 Nvidia and TSMC — record closes at 238.90 and 485.80; Broadcom +2.1% but 24.7% below its June high
3. 3 Chips — the semiconductor index is still 10.0% below its 22 June record, the equal-weight chip fund 15.0%
4. 4 Memory and the rest lag — Micron 12.3% below its June high, Intel 17.6%; AMD slips from Friday's record
5. 5 Nasdaq without tech — QQXT hit a one-year low on Thursday; down 2.4% this year while QQQ is up 23.3%
6. 6 Bonds — the 10-year closed at 5.31%, its highest close in a year; tech rose anyway
7. 7 Korea reopens lower — Kospi −1.1%, SK Hynix −3.3%, Samsung −1.5%
8. 8 Japan — Nikkei +1.1% to 70,721, Advantest +3.8%; SoftBank −3.3% after Son's AI warning
9. 9 Print Record — Accenture's window closes tonight; Penguin Solutions reports after the bell
10. 10 US futures +0.1%; oil funds fell 2.3–2.6% on Monday, bitcoin at $85,500

The full Morning 10 →

The Midday 10

S&P 500 — record high as Marvell jumps 7.6% on its investor day; chip-machine makers slide

• 1 Marvell +7.6% to $291.74 after its investor day — the company sees a $400 billion market by 2030, according to reports
• 2 The same business rises with it: Astera Labs +8.2% to $392.00, Credo +5.0% to $223.09, Broadcom +4.4% to $378.42, Lumentum +2.6% to $1,120.08
• 3 S&P 500 at a record: high of 7,843 above its 7,817 peak of 13 August; SPY +0.83% to $781.27, QQQ +0.83%, DIA +0.72%, RSP +0.77%, small caps IWM −0.09%

All ten lines →

Daily Pulse — AI Hardware — Not One Trade

We split the AI trade into 36 equal-weight sectors across our three AI indices. Since 22 June, the day the chip stocks peaked, only 3 of the 24 hardware sectors are higher: the server makers (+21.8%), the chip designers (+16.6%) and machine vision (+2.3%). Storage is 37.5% lower, memory 17.6%.

The full Pulse →

On the tape

• Money Temperature · Risk-on rally — 1 heating / 3 cooling
• Cross-asset day: VIX 15.0, DXY 101.85, 10Y 5.31% — risk-on regime
• Euro-AI 50 · 1-month leaders — ATS.VI +37.24% / PATH -27.77%
• Euro-AI 50 · Daily leaders — RR.L +5.42% / SU.PA -9.97%
• HALO 100 · 1-month leaders — ILMN +32.50% / RCAT -25.70%
• HALO 100 · 1-month sector leaders — MEDDEV +0.62% / NUCLEAR -12.63%
• HALO 100 · Sector flow — PAYMENTS +3.48% / ENERGY -1.26%
• HALO 100 · Daily leaders — NU +13.03% / SU.PA -7.95%