The chart updates our Tech Check mix, and we see the semiconductor names and AI ecosystem asset lines back in charge for the week with software and SaaS taking another beating in the erratic comeback from the “SaaS-pocalypse.”
The Semiconductor ETF (SOXX) placed in the upper end of the second quartile at +2.21% with the Software ETF (IGV) in the bottom quartile at -4.5% for a price return differential of 6.7%. The rankings were less bifurcated than some other recent weeks with some software names also performing well on the week (e.g., Oracle/ORCL, Salesforce/CRM).
The top tier performers saw Dell pull away again with +14.9% on a strong earnings report while Micron (MU), Intel (INTC), and NVIDIA (NVDA) rounded out the semis in the top 5 with Qualcomm (QCOM) and Taiwan Semi (TSM) also in the top tier. ORCL made the top quartile from the software group and as a constituent in IGV and reports earnings this week.
The Mag 7 were spread across the quartiles with 2 in the top quartile (META, NVDA), 1 in the 2nd quartile (TSLA), 2 in the 3rd quartile (AAPL, GOOGL) and 2 in the bottom quartile (MSFT, AMZN). As we see in the chart, the broad benchmarks were clustered near the middle with 3 of 4 (NASDAQ, Midcaps, Russell 2000) in the bottom of the 2nd quartile and the S&P 500 just across the line at the top of the 3rd quartile.
Bringing up the rear was Adobe (ADBE) with Intuit (INTU) in the 2nd to last slot and Palantir (PLTR) 3rd to last. The software names comprised 6 of the 8 in the bottom tier joined by Amazon (AMZN) and Broadcom (AVGO), who reported last week. Adobe reports earnings this week. Half of the 14 asset lines in negative range were software related (6 single names + IGV).
See also:
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