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A mid-week AI selloff gave way to a Micron-driven rebound, banks opened the capital-return spigot after passing the Fed stress test, and a $135 biotech takeout rounded out the week. Leadership broadened beyond mega-cap software into memory, financials, and healthcare.
A sharp AI and chip selloff hit the market's most crowded trade, even as the Dow and the Russell 2000 closed at fresh all time highs. Money rotated into financials, energy, industrials, and materials on real, dated catalysts: bank stress test buybacks, defense contract wins, and a steel earnings inflection.
A $10 billion biotech buyout, a Pentagon laser contract, and a grocery merger hit the tape in a week when the market absorbed a collapsed Iran ceasefire, an oil spike, and a hawkish surprise from the new Fed chair's first meeting minutes, and still finished higher. Chips and AI hardware rebounded from the prior week's selloff, and specific, verifiable catalysts did the talking.
The AI trade wobbled as Taiwan Semiconductor fell despite record results, dragging technology to the bottom of the market while energy led on an oil spike from the Strait of Hormuz crisis. Cooler than expected inflation and low jobless claims kept the backdrop supportive, and a fresh earnings season sorted winners from losers, sometimes in the same sector on the same day.
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