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Semiconductors surge as yield spike abates, Nvidia earnings await

Oh, and executives spent all of Tuesday talking up the strength of demand for AI infrastructure.

Luke Kawa

Semiconductors are putting their sharp, sudden three-session swoon in the rearview mirror.

The VanEck Semiconductor ETF is up about 2% in early trading. Arm Holdings, Astera Labs, Marvell Technology, Intel, and Advanced Micro Devices are all up at least 4% less than 15 minutes into the session.

What’s behind the return to form? Three things come to mind.

  • Semiconductors bottomed when 30-year Treasury yields peaked on Tuesday:

  • Seemingly 95% of major semiconductor and AI-adjacent executives spent yesterday at the JPMorgan Global Technology, Media, and Communications Conference talking about just how fast they’re growing and how robust appetite for AI infrastructure is.

    • These comments helped buoy sentiment for the group on Tuesday, helping the industry finish well off its lows. Astera Labs stands out as a big outperformer, with its CEO highlighting the pickup in sales of its Scorpio switches and hinting these may be further supported by other major customers lining up behind UAL networking standards.

  • Nvidia’s earnings may be a useful catalyst for the group by reinforcing this strength in demand, with its sales expected to be up about 80% from the year-ago quarter.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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