Tech is splitting in half right now — semis flying, mega-caps bleeding — and that's your whole story today.

Tech is splitting in half right now — semis flying, mega-caps bleeding — and that's your whole story today.

Tesla down 5.92%, sitting at 354. That's the biggest drop on the board and it didn't need company. Apple down 2.51% to 319.97. Microsoft off 2.04%, just under 500. Salesforce down 1.97% to 259.23. Netflix cratered 5.35% to 78.25 — that one stands out.

Now flip it. AMD up 4.69% to 477.57. Intel up 4.51% to 95.80. Oracle up 3.08% to 158.78. Semis and infrastructure catching a bid while consumer-facing tech gets sold. Draw your own line.

On the ETF tape: SPY down 0.39%, DIA down 0.53%, IWM actually up 0.28%, QQQ clinging to a 0.18% gain. Small caps outperforming the Dow tells you rotation is happening at the edges. Not a risk-off day across the board — more like a repositioning day.

VIX sitting at 14.53. That's calm. No panic embedded in that number. Gold off 0.32% — not a flight-to-safety session by any measure.

Asian markets unavailable tonight. No data, no call.

Economic calendar is empty. Nothing scheduled. The price action speaks without any macro cover.

Earnings: nothing relevant to the brief.

The read here is simple. Mega-cap tech got trimmed. Semis got bought. The spread between Tesla and AMD in a single session is nearly 11 points. That's not noise. VIX isn't screaming, small caps are holding, and the Dow is the weakest ETF on the board. Old economy taking more pain than new economy — except when you zoom in, it's actually the AI-adjacent names catching bids while the narrative plays are getting sold.

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