One chip held its floor today, and it is the one least tied to the AI datacenter trade.
Out of twelve, only Qualcomm closed above its weekly floor, and Qualcomm lives on phones and cars, not AI datacenters. The three deepest breaks were the opposite kind of company: the equipment makers that build the AI buildout, Applied, Lam and KLA. Line the twelve up and the break roughly tracks one thing, how much of the AI capex trade sits inside each name. Read it that way and the selloff takes a different name: the AI buildout getting re-priced, the same doubt that started with one revenue number a week ago.
So Friday’s close is bigger than twelve floors. Does the AI trade steady, or keep leaking down the supply chain?
