New York, February 6, 2026, 14:32 (EST) — Regular session
- Analog Devices shares were little changed even as semiconductor ETFs gained about 5%
- Chip stocks rebounded with the broader market after a bruising tech selloff tied to AI spending fears
- Focus shifts to delayed U.S. jobs data next week and Analog Devices’ Feb. 18 results
Analog Devices, Inc. (ADI.O) shares were little changed on Friday, slipping less than 0.1% to $322.04 in afternoon trading, after swinging between $316.23 and $331.20. About 3.1 million shares had changed hands.
The move lagged a sharp rebound across chip stocks and the wider market. The VanEck Semiconductor ETF was up 5.2% and the iShares Semiconductor ETF gained 5.1%, while the S&P 500 tracker SPY rose 1.6% and the Nasdaq 100-linked QQQ added 1.8%.
The backdrop is still twitchy. Wall Street has been trying to steady after a three-session slide, while investors digested fresh worries about swelling capital spending — “capex,” or money companies pour into things like data centers and equipment — to build out AI infrastructure. “We’re going to continue to see these ebbs and flows,” said Ben Falcone, managing director at Kayne Anderson Rudnick. 1
That push-pull is splitting the AI trade. “You need to see a clear cause and effect,” said Mark Hawtin, head of global equities at Liontrust, as investors shifted from cheering big spending plans to pressing for proof the money turns into profit. 2
Some of the market’s biggest AI-linked names ran hard. Nvidia was up 7.2%, while Qualcomm gained 1.6% and NXP Semiconductors added 1.0%. Texas Instruments, another analog-chip bellwether, fell 0.4%.
Analog Devices makes analog and mixed-signal chips that help convert and process real-world signals — temperature, pressure, sound and motion — for products spanning industrial gear, communications and other electronics. The company is led by CEO Vincent T. Roche. 3
For now, traders in the stock are left with the tape: a strong sector bounce, and a stock that is not following it much. That kind of divergence tends to show up ahead of results, when investors decide what they want to own — and what they’d rather wait on.
Macro is also back in the driver’s seat. The January U.S. non-farm payrolls report is now due on Wednesday after delays tied to a recently ended government shutdown, and a Reuters poll cited expectations for about 70,000 jobs added. 4
But the downside case is easy to sketch. San Francisco Fed President Mary Daly called the outlook “precarious,” with inflation still above the central bank’s target and the job market a risk point — the sort of mix that can jolt rate expectations and quickly chill demand-sensitive parts of tech. 5
Analog Devices said it will report first-quarter fiscal 2026 results on Wednesday, Feb. 18, at 7:00 a.m. Eastern, followed by a 10:00 a.m. conference call. Traders will be listening for guidance and any change in tone on industrial and customer demand as the AI spending debate keeps rattling the tape. 6
