Nasdaq Composite: Tech Propels Broader Markets Higher on Memory-Stock Strength
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Newest firstMidday: Memory Names Extend Gains
Micron and SanDisk are pulling the whole complex higher into the lunch hour, with the equal-weight tech basket now positive for the session. Breadth is the story: 74% of Nasdaq-100 components are green.
Microsoft Cuts 4,800 Jobs to Feed the AI Machine
The company framed the move as a restructuring aimed at tightening operations and setting Xbox up for long-term growth, and was quick to push back on the obvious question — stating the layoffs are not a result of AI displacing workers.
Buy the Chip Dip: JPMorgan
JPMorgan sees opportunity in the chip stock stumble. The bank's thesis rests on two pillars: the AI-driven semiconductor cycle has not lost its footing, and the prospect of meaningful new supply before 2028 remains remote — a combination that leaves demand structurally supported into the back half of the decade.
Opening Bell: Tech Wastes No Time
The State Street Technology Select Sector SPDR ETF is climbing more than 1%, with Western Digital jumping 3% and Teradyne surging 4%. Marvell and Oracle are posting gains of more than 3% and 2%, signaling a tech sector reclaiming its footing heading into earnings season.
This article is updated throughout the trading day — check back for more. Coverage resumes at 4:00am ET.
Full Coverage
The story so farMemory chip stocks are finding their footing after a volatile stretch, and the rally broadened quickly. What began as a Micron story before the open — the stock is knocking on $1,000 again — has spread through storage, networking, and the AI server complex.
The session's leadership matters more than its magnitude. For three weeks, gains concentrated in a handful of megacaps; today the equal-weight indexes are keeping pace, and the cyclical tells — semis over software, small caps positive — point to conviction rather than rotation.