Chip Rally, Cloud Deals Lift Tech Amid Palantir Decline

Semiconductor index hits records while Burry comments trigger $23bn PLTR wipeout

Tech Market Overview

The tech sector showed divergent performance Thursday, with the Dow rising 300 points and chip stocks rallying to record territory while enterprise software names faced pressure. The Philadelphia semiconductor index reached all-time highs as investors rotated into chip stocks, while consumer stocks also advanced late in the session. Markets have demonstrated resilience nearly six weeks into the Iran conflict, with the S&P 500 rising for seven consecutive sessions through Thursday.

AI & Semiconductors

Semiconductor stocks surged as investors bet on continued AI infrastructure demand, though concerns persist about potential risks to the AI trade. $GOOGL deepened its AI infrastructure partnership with $INTC to co-develop custom chips amid a growing global CPU shortage. Bloomberg reported that U.S. authorities charged a Super Micro Computer co-founder with illegally smuggling billions of dollars worth of Nvidia AI chips to China, while Shenzhen-based Sharetronic Data Technology disclosed $92 million in banned Nvidia chip servers. $MRVL and other chip stocks rallied despite broader questions about how the AI investment cycle might eventually stall.

Cloud & Software

$META announced a $21 billion AI cloud expansion partnership with CoreWeave to deliver dedicated AI infrastructure, highlighting surging demand for large-scale computing resources. $PLTR shares sank 7.3%, wiping $23 billion from the company's market value, after Michael Burry posted on X (later deleted) that Anthropic is "eating Palantir's lunch" and argued the company is a low-margin consulting business rather than an AI firm. OpenAI's CRO disclosed that enterprise now represents more than 40% of the company's revenue as businesses adopt agentic workflow solutions, while $NOW stock was described as a bargain following the "SaaSpocalypse" despite continuing to post impressive double-digit year-over-year sales growth.

Big Tech Moves

$GOOGL faced regulatory delays as a Swedish court postponed delivery of its judgment in antitrust damages proceedings brought by PriceRunner, a Klarna subsidiary. The search giant also secured a 15-year data center leasing deal with Hut 8 that could reach up to $17.70 billion in revenue if all renewal options are exercised, supporting Hut 8's $10 billion, 245 MW River Bend data center project. $META's CoreWeave partnership underscores Big Tech's continued appetite for AI infrastructure investments, while $AAPL was mentioned among key players in Malaysia's growing enterprise ICT market.

Looking Ahead

$NFLX is expected to report first quarter 2026 results slightly ahead of its own guidance next week, with UBS analysts pointing to recent price increases and expanding advertising efforts as key growth drivers. The competitive dynamics in enterprise AI are intensifying, with investors closely watching whether Anthropic and other challengers can maintain momentum against established players. Regulatory developments remain in focus, particularly around antitrust proceedings involving major tech platforms and AI-specific regulations.

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