Chips are eating the open while banks are getting wrecked — welcome to Thursday.

Chips are eating the open while banks are getting wrecked — welcome to Thursday.

Asian markets data unavailable. Nothing scheduled on the economic calendar today. Let's get into it.

Futures are mixed. SPY down 0.31, QQQ up 0.28. Small caps are taking heat — IWM down 0.92, DIA down 1.07. VIX sitting at 17.04, not alarming but not comfortable. Gold up 1.11 — someone's hedging something.

Now the stocks.

Broadcom up 4.83% to 388.69. AI demand, full stop. That move is not small.

Nvidia up 3.65% to 204.12. Chips are the story today and Nvidia is the headline.

That's where the green ends.

Bank of America down 2.61% to 58.30. Rate pressure, and it's showing.

JP Morgan down 2.54% to 330.62. Earnings season is close — banks are not getting the benefit of the doubt right now.

Tesla down 2.19% to 394.06. No catalyst, just selling.

Meta down 2.02% to 603.12. Tech is splitting — semis up, software and social down.

Salesforce down 1.73% to 166.58. CRM has been grinding lower. No bounce in sight yet.

Eli Lilly down 1.60% to 1215.83. Pharma giving back gains with no news driving it.

Microsoft down 1.41% to 383.34. Quietly one of the bigger dollar losses on the board — enterprise software getting no love today.

Walmart up 1.40% to 113.10. Defensive money has to go somewhere. Walmart is catching it.

Google down 1.39% to 361.92. Ad-dependent names are in the same boat as Meta — semis are eating their lunch.

The rotation is loud today. Semiconductors absorbing cash that's exiting banks, mega-cap tech, and healthcare. IWM down nearly a full percent confirms this isn't a broad rally — it's narrow and concentrated.

On earnings this morning: Delta Air Lines reports before the open. Consensus EPS estimate is 1.47. Travel demand has been resilient — the question is whether margins held up against fuel and labor. Watch the guidance more than the number. Also reporting: AMBK, BUKS, FGFH, GDHG, and GDST.

No economic data drops today. The macro narrative is running purely on positioning and flows.

Short version — semis are leading, banks are bleeding, and the rest of the market is figuring out which side of the trade it's on.

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