New York, Feb 9, 2026, 17:03 (EST) — After-hours
- Oracle jumped almost 10% following an analyst upgrade. Nvidia, AMD, and Broadcom picked up gains as well.
- Options markets stuck with hefty swing expectations for software-linked AI stocks, even after Friday’s rebound.
- Focus shifts to U.S. payrolls due Wednesday, with CPI on Friday, and Nvidia’s results landing Feb. 25.
Oracle jumped 9.8% to $156.59, with Nvidia up 2.4% at $190.04 late Monday, fueling a bounce for AI names after the sector’s rough patch. Advanced Micro Devices picked up 3.6%, Broadcom was ahead by 3.3%, and Microsoft tacked on roughly 3.1%.
Even with the bounce, the core debate remains unresolved: Will the latest AI tools end up cutting into software margins and push investors to reassess the “AI trade” one more time? Those concerns fueled a global selloff in software and services names, dragging down other tech-focused indexes as well. Options desks showed caution—implied volatility for the $6 billion iShares Expanded Tech-Software Sector ETF sat at 41% over 30 days, and short interest hit 19% as of Thursday, according to Ortex. 1
Investors are shifting toward less expensive corners of the market, looking to sidestep overpacked trades but still catch any upside. “We’re instead seeing a wave of aggressive buying of altogether different stocks,” said Tim Murray, capital markets strategist at T. Rowe Price. But Macquarie strategist Thierry Wizman flagged “strong doubts and questions” over whether hyperscalers can actually convert their AI capital spending into real profit. 2
U.S. equities closed in the green: the S&P 500 finished up 0.47% at 6,964.65, Nasdaq climbed 0.88% to 23,234.20, and the Dow ticked 0.03% higher to 50,132.79, based on preliminary figures. Oracle popped after D.A. Davidson shifted its rating to “buy.” Over at Truist Advisory Services, Keith Lerner described tech as “sharply oversold,” adding, “a little bit of good news can go a long way.” Market focus shifts to Wednesday’s delayed January payrolls and the January CPI release on Friday, both eyed for hints on the Fed’s next move. 3
OpenAI shares moved back into focus. According to CNBC, CEO Sam Altman told staffers that ChatGPT is again posting double-digit monthly growth, topping 10%. Reuters was unable to confirm CNBC’s numbers, and OpenAI didn’t offer a comment. CNBC reported the company now has 800 million-plus weekly active users and is gearing up to roll out a new chat model this week, with the battle intensifying against Anthropic and Google’s Gemini app. 4
Another headline highlighted the shifting landscape as AI expansion fuels unconventional financing. Apollo Global Management is nearing a $3.4 billion loan deal for an entity aiming to acquire Nvidia chips and lease them to Elon Musk’s xAI, according to The Information. Neither company responded right away, and Apollo declined to comment, Reuters noted. 5
Workday is handing the CEO reins back to co-founder Aneel Bhusri, aiming to push further into AI and steady its enterprise software demand. “AI is a bigger transformation than SaaS,” Bhusri said, referencing subscription software. Shares of Workday dropped roughly 5% early in the session, according to Reuters. 6
Still, the chip rally couldn’t offset weaker signs beyond AI. Onsemi shares slid close to 6% after hours—quarterly revenue came in light, and management flagged a lingering inventory glut. Certain divisions dropped by as much as 17%. 7
All eyes on Nvidia’s earnings Feb. 25, with the results call set for 5 p.m. ET. The Street wants to see more than just an AI spending surge — they’re looking for hard proof that capex is actually driving sustainable revenue, beyond just ramping up costs. 8
