WS #12339
Apple briefly overtook Nvidia as most valuable company amid rotation from AI hardware to AI-enabled services; Nvidia regained lead by close; chip selloff deepens. Philadelphia Semiconductor Index fell ~18% in July; AI-related stocks sold off on concerns over spending sustainability; global markets declined. Netflix stock fell 7% after narrowing 2026 revenue guidance and missing subscriber growth expectations, hitting a 52-week low.
Tech Rotation: Apple vs Nvidia
Apple briefly overtook Nvidia as most valuable company amid rotation from AI hardware to AI-enabled services; Nvidia regained lead by close; chip selloff deepens.
Philadelphia Semiconductor Index fell ~18% in July; AI-related stocks sold off on concerns over spending sustainability; global markets declined.
Netflix stock fell 7% after narrowing 2026 revenue guidance and missing subscriber growth expectations, hitting a 52-week low.