News
The day at a glance · 3 min read
Mood · Cautious
+15
Sentiment, −100 to +100
SanDisk YTD gain
~500%+500%
AI & Semiconductors
Dell EPS growth
213.5%+213.5%
AI & Semiconductors
Salesforce target
$250
Cloud & Enterprise Software
Key driverMemory stocks rebounded after weeks of selling tied to concerns about hyperscaler AI investment levels, while enterprise software names faced downgrades and valuation pressure
Daily briefTech Sector· Money365.Market AI ·

Memory Stocks Rebound as AI Capex Concerns Ease

Memory chip makers rally ahead of tech earnings; ServiceNow, Netflix face pressure amid AI disruption fears and post-earnings selling.

AI & Semiconductors

Neutral
MUSNDKSTXWDCDELLMRVLAVGO
Micron ($MU), SanDisk ($SNDK), Seagate ($STX), and Western Digital ($WDC) extended their AI rebound after weeks of intense selling driven by concerns that hyperscalers would continue investing the massive sums in AI development they had committed at the start of the year.
SanDisk has surged approximately 500% year-to-date following blowout earnings.
Dell Technologies ($DELL) demonstrated strong technical momentum with 213.5% EPS growth and a 98.59 composite relative strength score.
Marvell Technology ($MRVL) remained down 39% from its high, while Broadcom ($AVGO) posted a 1.98% single-day gain despite facing choppy trading conditions, with shares down 8.07% over 30 days and 5.97% over 90 days amid a U.S. International Trade Commission investigation into Samsung memory products following a Netlist patent complaint.

Cloud & Enterprise Software

Bearish
NOWCRMPLTR
ServiceNow ($NOW) has declined 51% as Wall Street bets that AI will disrupt its business model, with the company set to report earnings on July 22 that may validate or contradict market fears. CLSA initiated coverage of $NOW with an Underperform recommendation.
Salesforce ($CRM) received a Hold rating from CLSA as analysts debate whether the stock can reclaim the $250 level by 2028.
ServiceNow separately fell 28% this year as investors grew concerned about AI destroying the SaaS sector, though the company's own financial results have continued to contradict the fear that crushed its stock.
Palantir ($PLTR) posted blowout earnings in 2026, with its financial results growing at a blistering pace that could drive the stock price significantly higher by the end of 2027.

Big Tech & Earnings

Neutral

Netflix close (Jul 17)

$68.95-7.26%
INTCNFLXGOOGLTSLAIBM
Intel ($INTC) confirmed it is aligning its Data Center Group for long-term success, with reports indicating planned layoffs in the division that could be detailed at the company's earnings release this week.
Netflix ($NFLX) closed at $68.95 on Friday, July 17, declining 7.26% following earnings that came in close to Wall Street expectations, though the company subsequently tapped debt markets for the first time in two years.
DeepMind CEO Demis Hassabis called for U.S.-led oversight of advanced AI models, signaling increased regulatory attention on Alphabet ($GOOGL) and the broader AI sector. Markets may grow increasingly nervous if hyperscalers raise AI capital expenditure guidance further during this week's earnings releases from $GOOGL, Tesla ($TSLA), $INTC, and IBM ($IBM).

Connected Vehicles & Emerging Tech

Neutral
VSATQCOM
Viasat ($VSAT) showcased a landmark technology demonstration in Munich, enabling the first fully integrated automotive satellite voice call through a BMW iX3's infotainment system using its L-band network, Qualcomm's ($QCOM) Snapdragon Auto 5G Modem-RF Gen 2, Cubic3's eSIM, and Fraunhofer IIS's NESC AI voice codec over the NB-IoT protocol. The collaboration within the 5G Automotive Association highlights how satellite voice and messaging beyond cellular coverage could become a core feature in connected vehicles. The demonstration positions $QCOM as a key enabler of next-generation automotive connectivity infrastructure.

Looking Ahead

Neutral
GOOGLTSLAINTCIBMNOWNVDA
The technology sector faces a critical earnings week with Alphabet ($GOOGL), Tesla ($TSLA), Intel ($INTC), and IBM ($IBM) set to report results and provide commentary on AI capital expenditure plans.
ServiceNow ($NOW) reports on July 22, with investors focused on whether financial performance can counter the 51% stock decline driven by fears of AI disruption. Memory stock momentum and hyperscaler spending guidance will remain key catalysts as the sector navigates questions about the sustainability of AI infrastructure investment levels. Attention will also focus on whether Nvidia ($NVDA) can sustain momentum despite shares remaining flat since November even as the company tripled its net income.

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