๐ Holiday week recap: $META +9% on AI cloud push, chips crater โ $SNDK & $MU down ~10% on profit-taking
It was a tale of contrasts this holiday-shortened week โ Meta (META) surged nearly 9% after Bloomberg reported the company is launching a cloud compute business to sell excess AI infrastructure, potentially challenging AWS and Azure. Chipmakers got crushed: the PHLX Semiconductor Index fell 6.7%, with Sandisk ($SNDK) and Micron ($MU) each shedding ~10% on profit-taking after semis roughly doubled in Q2. Rivian ($RIVN) was a bright spot, jumping ~8% after beating Q2 delivery estimates and raising full-year guidance to 65Kโ70K vehicles. Markets are closed today for July 4th โ will you be buying the chip dip when trading resumes Monday July 6? Not financial advice.
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