TSMC just posted its 6th straight record quarter, with profit up nearly 69% and AI demand still outrunning supply. So why are Nvidia, AMD, and Micron falling? The answer isn’t about AI demand. It’s about what money costs, and this morning’s PPI report could tip the balance either

Nvidia just approved the biggest buyback increase ever — $150 billion on top of its existing program, for a total of $235 billion. But a buyback authorization is permission, not spending. To use it all by fiscal 2028, Nvidia would have to roughly double its record repurchase pace. Here's the math, the 3 scenarios, and the numbers that will decide whether this is a real capital-return machine or just a very large permission slip.

AMD just crossed $1 trillion for the first time, but it didn't rally alone. Chip stocks surged, the Nasdaq set a record, and the AI trade may finally be broadening beyond Nvidia. Here's what's driving the move, and the test AMD faces next as it tries to hold the trillion-dollar line.

China's CXMT just moved its 5th-generation DRAM into mass production, claiming at least 50% more chips per wafer despite U.S. export controls. But that headline number counts chips before defects are thrown out. Here's why yield decides whether this is a real threat to Samsung, SK Hynix, and Micron, and what the market's first reaction could signal.

Nvidia reports Wednesday after the close with roughly $280 billion of market value in play — more than the individual market cap of 90% of S&P 500 companies. But the implied 5.4% move is smaller than Nvidia's recent average, and the stock just posted its seventh straight down day. The real variable isn't in the income statement. It's the 30-year Treasury yield sitting above 5% at a 19-year high, quietly repricing every data-center project the AI trade depends on.

Applied Materials just delivered the biggest quarter-over-quarter revenue jump in its history and the stock fell 5% anyway. One line about flat gross margins did it. Cisco beat and dropped 8.4% for the same reason the night before — while Micron, which sells the memory driving those costs, jumped over 4%. The AI trade isn't breaking. The margin is just moving down the supply chain.

A single Iranian document restricting Strait of Hormuz traffic sent Brent crude up 3.8%, lifted the 10-year Treasury yield to 4.67%, and ended the Dow's record streak with a 464-point drop. Meanwhile, gold is on pace for its best week since January and Western Digital fell 13% despite 44% revenue growth. Here's how the chain reaction unfolded — and why the July jobs report decides what happens next.

Oil spiked to a six-week high after Red Sea tanker attacks, Alphabet and Tesla both sank after hours despite beating revenue, and Asian semiconductor stocks roared back on AI buildout bets. Here's what it means for your money this morning.

Bitcoin reclaimed $65,000 as spot ETFs notched a fifth straight day of inflows, Wall Street futures point higher on a chip stock rebound, and oil eased on reports of a proposed U.S.-Iran ceasefire. Here's a full breakdown of today's biggest market catalysts.