Chips are running while the broad market drags — that's the tape telling you there's a fight on today.

Chips are running while the broad market drags — that's the tape telling you there's a fight on today.

Intel up 9.05% to 104.47. Sector rotation, momentum — pick one. AMD up 5.9% to 505.74, riding the same chip wave. Tesla up 3.98% to 368.16, no single catalyst, just buyers showing up. Broadcom up 2.98% to 368.56, quietly consistent. Oracle up 2.36% to 162.52, holding its post-earnings posture.

Now the other side. Salesforce down 3.9% to 249.12 — that's a real hit in a soft tape. Eli Lilly down 2.21% to 1123.91, GLP-1 trade cooling or profit-taking, take your pick. Nvidia down 2.01% to 225.73 — the leader slipping while the rest of semis rip is worth watching.

Chips broadly surging while Nvidia and software names bleed. Bifurcation inside tech is the story this morning.

Futures: SPY down 0.55%, QQQ barely down at 0.08%, VIX at 16.37 — not panicked, just cautious. Gold up 1.27%, defensive bid alive. DIA leading the downside at negative 1.13%, Dow getting hit harder than Nasdaq. IWM down 0.45%, small caps soft.

No economic data on the calendar today. Nothing scheduled.

Earnings to watch: Adobe reports after the close, EPS estimate 6.20 — that one moves the whole software complex. Copart also after the close, estimate 0.39. Alliance Entertainment after the close at 0.06. BDRX reporting with a zero EPS estimate. BANX and ADNH also on the slate but no estimates published.

Asian markets unavailable overnight, so no read from that side of the globe coming in.

The setup: chip names are acting like it's a risk-on morning. The index futures say otherwise. Something resolves by noon.

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