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. Reuters
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. Reuters
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.
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.
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. Reuters
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.
