From todayNasdaq 100 on Track for Strongest Weekly Gain Since May as AI Trade Revives

• 

  38%

  +1.2%

  AI Rally Extends

  Investors treat the prior AI selloff as a positioning reset rather than a break in the investment cycle. Strong hyperscaler capex commitments from Microsoft and Meta keep demand expectations firm for chips, cloud capacity and AI infrastructure providers.

  Technology +2.1% · Telecommunications +0.9% · Finance +0.3%

• 

  32%

  −0.1%

  Choppy Consolidation

  The AI trade stabilizes after the sharp rebound, but investors hesitate to chase valuations immediately. Megacap balance sheets remain well supported while leveraged or capacity-heavy AI infrastructure names face more scrutiny.

  Utilities +0.2% · Consumer Non-Cyclicals +0.2% · Technology −0.1%

• 

  20%

  −1.3%

  Valuation Fears Return

  The market reopens the debate over whether AI capex will translate into adequate returns. The most exposed AI infrastructure and chip beneficiaries underperform as investors focus on depreciation, financing needs and customer concentration.

  Technology −2.2% · Telecommunications −0.4% · Utilities −0.3%

• 

  10%

  −0.2%

  Macro Data Redirects

  The next leg in the Nasdaq 100 is driven less by company-specific AI news and more by macro data and Fed pricing. Because AI equities are long-duration assets, even routine shifts in yields can amplify or blunt the revived rally.

  Technology −0.2% · Consumer Cyclicals −0.1%