The chart details the weekly price returns of the Tech Check mix we monitor across 32 benchmarks, ETFs, and single names. It was certainly an ugly week with a 7-25 positive vs. negative score. We see 7 of the 8 asset lines in the bottom quartile posting double-digit negative returns.
The pain was pronounced for the AI ecosystem names with Dell at -22.9% in dead last. Applied Materials (AMAT), as a proxy for semi capex, was 2nd to last at -19.3%. AI plays or semis comprised the bottom 6 of the low quartile in bottom up order from AMAT including Micron (MU), Intel (INTC), Advanced Micro (AMD), and the Semiconductor ETF (SOXX). Software names Palantir (PLRT) and Oracle (ORCL) are at the top of the bottom tier. ORCL is 2nd to last YTD at -34.2%.
The winners on the week included 5 of the software and SaaS-based services names with Intuit (INTU) at #1 for the week for a name that has consistently been the worst YTD loser in last place. INTU remains on the bottom YTD at -50.9%.
Salesforce (CRM) was at #2 on the week followed by FactSet (FDS), IBM, and Apple (AAPL) rounding out the top 5. Adobe (ADBE) also climbed into the top tier for the week despite being another YTD bottom dweller at -29.9% in 2nd to last. ServiceNow (NOW) was the last of the top tier for the week in positive range at 1.2%. NOW is in the red YTD in the bottom tier at -7.3%.
In a sign of a bad week, a negative return asset line rounded out the top quartile with the Communications Services ETF (XLC) at -0.5%. Most of the tech check names will need to make their case on earnings calls ahead as investors go hunting for value.