NEW YORK, Jan 3, 2026, 12:21 ET — Market closed
- AI-linked chipmakers led gains in the first U.S. session of 2026, while some megacap tech lagged.
- Nvidia, AMD and Intel rose; Microsoft, Amazon and Meta ended lower.
- Investors now look to next week’s U.S. jobs report and inflation data for clues on the Fed path.
U.S.-listed AI chip stocks bounced on Friday to start 2026, with semiconductor names rallying even as Microsoft and other heavyweight tech shares pressured the Nasdaq.
The split matters now because investors are re-ranking “AI winners” after a late-December wobble, with money rotating back into hardware tied to data-center spending while trimming parts of the software and internet complex.
It also sets up a test for the next week: fresh U.S. economic data and the start of earnings season could move interest-rate expectations, which feed directly into how investors value high-growth AI stocks.
On Friday, the Dow rose 0.66% and the S&P 500 gained 0.19%, while the Nasdaq slipped 0.03%. The Philadelphia Semiconductor Index jumped 4%, and Charles Schwab trading and derivatives strategist Joe Mazzola described the market as “buy the dip, sell the rip” — buying declines and selling rallies. Reuters
Nvidia ended up 1.3% at $188.85, while AMD climbed 4.3% and Intel rose 6.7%. The iShares Semiconductor ETF gained 4.2% and the VanEck Semiconductor ETF rose 3.7%.
Microsoft fell 2.2% on the day, with Meta Platforms down 1.4% and Amazon off 1.9%, limiting upside for the broader tech trade.
Speculative AI names were mixed, with Palantir down 5.6% while C3.ai rose 1.9%, a reminder that traders are still treating profitability and cash flow as differentiators inside the theme.
Tesla slid 2.6% after the company reported a second straight annual decline in deliveries and ceded the top EV maker title to China’s BYD, even as its longer-term pitch leans on robotics and self-driving. Tesla is set to report fourth-quarter results on Jan. 28. Reuters
Before the next U.S. session, investors will be watching whether Friday’s chip-led surge broadens into the rest of the AI complex, where big moves can still hinge on a handful of mega-cap names.
Next week brings U.S. manufacturing and services data, job openings, and the Jan. 9 employment report, followed by the Jan. 13 consumer price index. Fed funds futures — derivatives that reflect expectations for the Federal Reserve’s policy rate — imply little chance of a cut at the late-January meeting, but nearly a 50% chance of a quarter-point reduction in March. JPMorgan reports on Jan. 13 to kick off fourth-quarter earnings season, with analysts expecting S&P 500 profits to rise 15.5% in 2026 after a 13% gain in 2025, while the index sits near record highs but around late-October levels. Reuters
For AI stocks, the rates angle is straightforward: when investors expect fewer cuts, the discount rate used to value future profits tends to rise, which can compress multiples on long-duration growth shares even if business trends stay intact.
That leaves traders focused on two near-term checkpoints: whether economic data keeps the Fed on a cutting track, and whether upcoming results and guidance show that heavy AI spending is turning into durable revenue growth rather than just higher costs.
