Chips are bleeding and software is picking up the slack — that's your Monday morning story.

Chips are bleeding and software is picking up the slack — that's your Monday morning story.

Nvidia down 4.57%, sitting at 217.55. That's the headline and the anchor dragging the whole semi space. AMD down 2.33% at 465.58 — same trade, same pressure. Intel off 2.85% at 89.47. Three chip names, all red, all in the same direction.

Now flip to the other side of the rotation.

Amazon up 3.97% at 266.43 — biggest mover on the board. Netflix up 2.35% at 81.72. Google up 1.74% at 346.59. Microsoft, Apple, CRM, and Meta all logged gains between 1.2% and 1.7% — that cluster isn't noise, it's confirmation. Software and platform names caught every dollar the chip trade dropped. Clean rotation. Full picture.

Bank of America up 1.88% at 62.32. Financials quietly holding their own while the tech drama plays out.

Tesla down 1.71% at 348.75. No obvious single catalyst — just caught in the risk-off drag.

ETF check: IWM down 1.35%, DIA essentially flat at negative 0.03. Small caps absorbing the pain. Large-cap Dow barely flinched. That spread says the damage is specific, not systemic.

Futures data is unavailable this morning. No Asian market readings to layer in. Economic calendar is empty �� no scheduled data releases to move the tape mid-session.

Earnings on the board: ABLT, BASE, BOE, CIK, COE. Small names, thin estimates. ABLT carries a base EPS estimate of 0.0074. Nothing there that moves the broader market, but watch for surprise volatility in low-float names.

The session theme is written. Semis sold off, software bought up, small caps took the hit, and mega-cap tech did most of the heavy lifting on the green side. That rotation is clean enough to trade around — if you know what you're looking at.

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