Semis are running the table this morning and that's the only story that matters right now.

Semis are running the table this morning and that's the only story that matters right now.

Intel up 10.64% to 133.99. That's the headline. AMD up 4.86% to 537.37. Broadcom up 4.70% to 411.35. Nvidia up 2.95% to 210.69. The entire sector is moving in lockstep — something catalytic happened and it's lifting every chip name on the board.

QQQ futures up 2.51%. That's not noise. Tech is dragging the index higher while everything else watches. SPY up 0.78%. IWM up 1.97% — small caps participating. DIA down 0.15% — Dow sitting it out. VIX at 17.12, which is tame given the magnitude of these moves. Gold down 1.35%. Risk-on rotation, full stop.

Amazon up 2.90% to 244.39. AI infrastructure spending narrative still has legs. Meta up 1.70% to 577.22. Google up 1.17% to 368.03. The mega-cap tech complex is riding the semi wave — this isn't just chips, it's the whole AI trade getting repriced in real time.

Now the other side. JPMorgan down 2.47% to 325.22. Financials are bleeding while tech rips — that's a rotation, not a market selloff. Salesforce down 2.09% to 151.78. Exxon down 2.08% to 137.81. Costco down 1.46% to 951.45. Eli Lilly down 1.21% to 1098.57. Energy, enterprise software, consumer staples, and pharma all getting clipped as capital chases semis. Money has to come from somewhere.

No economic data on the calendar today. Nothing scheduled. Price action is the only input.

Earnings tonight after close: ADN, AUSI, BANX, BTOG, KOAN, SKKY. Small names. Not moving the macro needle.

Asian markets unavailable. European open pending.

The read here is clean: semis caught a bid overnight, QQQ is reflecting it, and the rotation out of financials and energy is funding it. Intel's 10% print is the anomaly that deserves the most attention going into the open — that kind of move either confirms a breakout or sets up a fade. Watch the volume.

Numbers don't lie. People do. Trade accordingly.