Amid strong job data, chips rose 3%, while software fell 2.4%. After the release of 162,000 new jobs, the S&P 500 dropped 0.4%. Yet the Philadelphia Semiconductor Index rose 3%, while the software ETF fell 2.4%. My view: This isn’t a broad strength in tech stocks—it’s AI-driven trading beginning to pick winners. Hardware faces supply constraints; software must prove AI can generate revenue. If chips continue to outperform software next week, that’s a true rotation; one-day strength is just capital temporarily fleeing into the most crowded trade. U.S. Bureau of Labor Statistics: https://t.co/yJ0BbcWcK6 Job data from the U.S. Bureau of Labor Statistics; index and sector performance from AP and Barron’s. AI capital rotation analysis is my personal opinion.
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