Chips are getting hit and AMD is bucking the entire sector — that's the story this morning.

Chips are getting hit and AMD is bucking the entire sector — that's the story this morning.

AMD up 6.5%, sitting at 514.39. Divergence. While the rest of the chip space bleeds, AMD holds a bid. Broadcom down 5.94% to 392.99 — that's a real drop, not noise. Broadcom leading semis lower. Intel down 1.97% to 102.50, following the sector down. Three chip names, three different stories, one bad morning for the space overall.

Oracle off 3.65% to 150.52. Cloud names under pressure. Salesforce down 2.56% to 196.21, same theme. Enterprise software is soft.

Eli Lilly down 2.39% to 1180.16. Pharma giving back ground — no catalyst in the data, just selling pressure at elevated levels.

Amazon down 0.94% to 262.65. Quiet red. Exxon up 0.94% to 160.10. Energy holding while tech bleeds.

Futures: SPY down 0.20%, QQQ down 0.14%. Soft open expected. VIX at 14.25 — fear is present but not panicked. Gold up 1.69%, which says something about where money is rotating this morning.

ETFs confirm the tone. SPY down 0.20%, QQQ down 0.14%, DIA down 0.21%. One green flag: IWM up 0.52%. Small caps catching a bid while large cap tech drifts lower.

Asian markets unavailable overnight. No economic data on the calendar today. Clean tape, no scheduled catalysts.

Earnings this morning: AGPU reports before the open. ANNX has an EPS estimate of negative 24 cents. AREC est negative 9 cents. AHRO, AIDG, and AIHS also reporting — no estimates available. None of these are market movers at scale, but watch for any surprise that spills into related sectors.

Bottom line: tech is red, chips are mixed, small caps are the quiet outperformer, and gold is the loudest macro signal this morning.

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