Tech is green but the splits inside it are the real story.

Tech is green but the splits inside it are the real story.

ORCL up 4.21% to 141.40. Cloud infrastructure demand, full stop. AMZN up 3.29% to 262.43 — e-commerce and AWS both pulling weight. Microsoft up 2.38% to 535.07, steady accumulation from institutions that aren't done positioning. UNH up 2.25% to 379.30 — healthcare quietly leading while everyone watches semis.

Now the red side. INTC down 2.22% to 104.70. AMD down 2.03% to 608.10. Two chip names bleeding while cloud names rip — that's not sector weakness, that's silicon losing ground to software-defined infrastructure. NFLX down 1.77% to 70.30, no headline driving it, just sellers with no buyers stepping up. TSLA up 2.05% to 382.70, moving with the broader risk-on tone.

AAPL down 1.11% to 336.64. That one matters. Every other mega-cap tech is green and Apple is the exception — that divergence doesn't get ignored by desks running exposure models. BAC up 1.32% — financials had a bid today and the Dow's 0.87% lead over the Nasdaq's 0.49% tells you exactly where the rotation is landing.

Broader tape: SPY up 0.60%, the Nasdaq up 0.49%, IWM up 0.49%, the Dow outpacing at 0.87%. Dow strength over Nasdaq means value and financials are driving today, not growth. VIX sitting at 14.84 — not fearful, not complacent. Gold up 1.43%, which doesn't rhyme with a 14-handle VIX unless someone's hedging something they're not saying out loud.

No earnings. No economic calendar. Asian markets data unavailable overnight.

The read: cloud beats silicon, banks beat growth, and Apple broke rank with every other tech name on a green day. Watch that Apple divergence Monday morning.

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