Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; custom application specific integrated circuits; and System-on-a-Chip solutions. The company also provides electro-optical products, including pulse amplitude modulations, coherent digital signal processors, laser drivers, trans-impedance amplifiers, silicon photonics, and data center interconnect solutions; fibre channel products comprising host bus adapters and controllers; single or multiple core processors; storage controllers for hard disk drives and solid-state-drives; and host system interfaces, including serial attached SCSI, serial advanced technology attachment, peripheral component interconnect express, non-volatile memory express (NVMe), and NVMe over fabrics. It has operations in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan, and Vietnam. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.

Marvell looks like a high-quality semiconductor asset, but one that is already valued very expensively. Revenue, gross profit, assets, and equity have all been growing over recent periods, confirming business scaling and a strengthening balance sheet. Liquidity is strong: a quick ratio of 2.66 and a current ratio of 3.28 are noticeably above typical levels, while debt/equity of 0.27 remains moderate, reducing financial risk. At the same time, long-term debt has increased to $4.96 billion, and liabilities continue to rise, so the balance sheet cannot be considered risk-free. Profitability is generally high: ROE of 16.85%, ROA of 11.06%, ROI of 13.15%, and an operating margin of 15.96% look convincing and better than industry benchmarks. However, TTM net income has dropped sharply to $35 million after much stronger previous periods, indicating instability in the bottom line and increasing caution in the valuation. EBITDA and operating income remain positive and support the profitability thesis, but earnings momentum is weaker than revenue growth. Valuation multiples are the main source of restraint: P/E of 93.49, P/S of 27.31, P/B of 12.88, and P/FCF of 50.31 are significantly above the industry median, meaning the market is already pricing in very high expectations. Against this backdrop, even strong margins and business growth do not fully justify the current premium to the sector. A dividend yield of around 0.03% has virtually no impact on the investment case and does not offset the high valuation. Overall, the fundamentals support the company as a strong operating player, but not as an obviously undervalued story. For an investor, this means there is upside potential, but it is limited by the high valuation base and requires further confirmation of sustainable earnings and free cash flow.

Marvell Technology, Inc.

Средний индекс, значительно упал. Быки в растерянности.

Medium index, significantly down. The bulls are confused.

Сильный индекс, незначительно упал. Рынок не поддерживает быков.

Strong index, slightly down. The market does not support the bulls.

Сильный индекс, значительно вырос. Рынок на стороне медведей.

Strong index, significantly up. The market is on the bears' side.

Сильный индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Strong index, slightly up. Outflow of funds from longs at a high level.

Marvell’s strong balance sheet and profitability are paired with very expensive valuation multiples and a decline in net income, so the valuation appears overstretched.

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -1.52%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -2.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.06%. September E-mini S&P futures (ESU26) fell -1.59%, and September E-mini Nasdaq futures (NQU26) fell -2.23%.
Stock indexes retreated on Wednesday, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks sold off on Wednesday, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
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Stocks whipsawed Wednesday afternoon and briefly erased their losses before selling off again into the close after the FOMC kept interest rates unchanged in a hawkish Fed hold. Three Fed members dissented in favor of a quarter-point rate hike, and Fed Chair Warsh said the Fed is committed to “deliver price stability.” The 10-year T-note yield rose +4 bp to 4.64%.
Earnings results from Microsoft and Meta Platforms after Wednesday’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns.
The FOMC, as expected, kept the fed funds target range unchanged at 3.50% to 3.75% in a 9-3 vote, with Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan voting for a quarter-point rate hike.
The post-FOMC statement said, "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," adding that "productivity growth and capital investment are strong." Inflation remains elevated "in part reflecting supply shocks that have driven price increases in certain sectors, including energy."
Fed Chair Warsh said, "The economy is showing impressive resilience" even with recent shocks and policymakers "will not hesitate to act" if inflation remains elevated.
Sep WTI crude oil prices (CLU26) jumped by more than +6% on Wednesday as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 56% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed down -0.65%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) on Wednesday closed down -1 tick. The 10-year T-note yield rose +3.3 bp to 4.639%. T-notes were under pressure from Wednesday’s +6% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, the FOMC's hawkish hold on interest rates weighed on T-note prices after three Fed members dissented in favor of a 25 bp rate hike, and Fed Chair Warsh said policymakers "will not hesitate to act" if inflation remains elevated.
European government bond yields moved higher on Wednesday. The 10-year German bund yield rose +5.6 bp to 3.160%. The 10-year UK gilt yield rose +9.2 bp to 5.036%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting a 90% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks fell sharply on Wednesday, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and closed down more than -5%. Nebius Group NV (NBIS) closed down more than -12% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) closed down more than -10%. Also, Micron Technology (MU) closed down more than -9%, and Applied Materials (AMAT) and ARM Holdings (ARM) closed down by more than -8%. In addition, Sandisk (SNDK) and NXP Semiconductors NV (NXPI) closed down more than -7%, and Marvell Technology (MRVL) and Lam Research (LRCX) closed down more than -6%. Finally, Advanced Micro Devices (AMD), Microchip Technology (MCHP), and Intel (INTC) closed down more than -5%.
Airline stocks fell on Wednesday as crude oil prices surged. Alaska Air Group (ALK) closed down more than -5%, and Southwest Airlines (LUV) closed down more than -4%. Also, Delta Air Lines (DAL), American Airlines Group (AAL), and United Airlines Holdings (UAL) closed down more than -3%.
Trucking and freight companies were under pressure on Wednesday amid soaring crude oil prices. ArcBest (ARCB) closed down more than -5%, and FedEx Freight Holding (FDXF) closed down more than -4%. Also, Saia Inc (SAIA) closed down more than -3%, and Old Dominion Freight Line (ODFL) and XPO Inc (XPO) closed down more than -2%. In addition, Marten Transport Ltd (MRTN) closed down more than -1%.
Most software stocks rose on Wednesday as investors rotated out of chipmakers into software. Intuit (INTU) closed up more than +6%, and Adobe Systems (ADBE), Datadog (DDOG), and Workday (WDAY) closed up more than +5%. Also, Atlassian Corp (TEAM) and ServiceNow (NOW) closed up more than +4%, and Salesforce (CRM) closed up more than +3% to lead gainers in the Dow Jones Industrials. In addition, Autodesk (ADSK) closed up more than +3%, and Thomson Reuters (TRI) closed up more than +2%.
Energy producers and service providers rallied on Wednesday, as crude oil prices jumped by more than +6%. APA Corp (APA) closed up more than +5%, and Diamondback Energy (FANG) and Devon Energy (DVN) closed up more than +4%. Also, ConocoPhillips (COP) and Occidental Petroleum (OXY) closed up more than +3%, and ExxonMobil Holdings (XOM) and Chevron (CVX) closed up more than +2%.
Lennox International (LII) closed down more than -20% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) closed down more than -17% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Masco Corp (MAS) closed down more than -11% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) closed down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Avis Budget Group (CAR) closed down more than -6% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Humana (HUM) closed down more than -5% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) closed up more than +16% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) closed up more than +12% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) closed up more than +4% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Ford Motor (F) closed up more than +2% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/30/2026)
A O Smith Corp (AOS), Air Products and Chemicals Inc (APD), Alliant Energy Corp (LNT), Altria Group Inc (MO), Amazon.com Inc (AMZN), American Electric Power Co Inc (AEP), Apple Inc (AAPL), Arthur J Gallagher & Co (AJG), Avery Dennison Corp (AVY), Baxter International Inc (BAX), Bristol-Myers Squibb Co (BMY), Builders FirstSource Inc (BLDR), Camden Property Trust (CPT), Cigna Group/The (CI), Coinbase Global Inc (COIN), Corteva Inc (CTVA), CRH PLC (CRH), Dexcom Inc (DXCM), Edison International (EIX), EMCOR Group Inc (EME), Erie Indemnity Co (ERIE), Eversource Energy (ES), Exelon Corp (EXC), First Solar Inc (FSLR), GoDaddy Inc (GDDY), Hershey Co/The (HSY), Huntington Ingalls Industries (HII), Ingersoll Rand Inc (IR), Intercontinental Exchange Inc (ICE), International Paper Co (IP), KKR & Co Inc (KKR), Labcorp Holdings Inc (LH), Live Nation Entertainment Inc (LYV), Martin Marietta Materials Inc (MLM), Mastercard Inc (MA), Mettler-Toledo International Inc (MTD), Monolithic Power Systems Inc (MPWR), Norwegian Cruise Line Holdings (NCLH), Quanta Services Inc (PWR), Regeneron Pharmaceuticals Inc (REGN), Southern Co/The (SO), Stryker Corp (SYK), Trane Technologies PLC (TT), Valero Energy Corp (VLO), Weyerhaeuser Co (WY), Willis Towers Watson PLC (WTW), Xcel Energy Inc (XEL), Yum! Brands Inc (YUM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Plunge on a Rout in Chipmakers and a Hawkish Fed Hold

The S&P 500 Index ($SPX) (SPY) today is down -0.71%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.98%. September E-mini S&P futures (ESU26) are down -0.75%, and September E-mini Nasdaq futures (NQU26) are down -1.03%.
Stock indexes are falling today, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks are selling off today, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The markets were little changed following the results of the 2-day FOMC meeting early this afternoon, with policymakers keeping interest rates unchanged in a 9-3 decision. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +4 bp to 4.64%.
Sep WTI crude oil prices (CLU26) jumped by more than +7% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 34% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.73%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -9 ticks. The 10-year T-note yield is up +3.0 bp to 4.637%. T-notes are under pressure today from a +7% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +5.0 bp to 3.154%. The 10-year UK gilt yield is up +7.7 bp to 5.021%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sharply lower today, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and is down more than -3%. Nebius Group NV (NBIS) is down more than -9% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) and Sandisk (SNDK) are down more than -7%. Also, Applied Materials (AMAT), NXP Semiconductors NV (NXPI), and ARM Holdings (ARM) are down by more than -5%, and Advanced Micro Devices (AMD) is down more than -4%. In addition, Marvell Technology (MRVL), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -3%, and Nvidia (NVDA), Intel (INTC), and Texas Instruments (TXN) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -7%, and Saia Inc (SAIA), FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and CH Robinson Worldwide (CHRW) are down more than -2%. Also, Old Dominion Freight Line (ODFL), Marten Transport Ltd (MRTN), Knight-Swift Transportation Holdings (KNX), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) is down more than -3%, and Delta Air Lines (DAL) and Southwest Airlines (LUV) are down more than -2%. Also, American Airlines Group (AAL) and United Airlines Holdings (UAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +7%. Diamondback Energy (FANG) is up more than +4%, and ConocoPhillips (COP), APA Corp (APA), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +3%. Also, Baker Hughes (BKR) and Chevron (CVX) are up more than +2%, and Phillips 66 (PSX) and Valero Energy (VLO) are up more than +1%.
Lennox International (LII) is down more than -19% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -13% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Avis Budget Group (CAR) is down more than -11% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Masco Corp (MAS) is down more than -10% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) is down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Humana (HUM) is down more than -6% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) is up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) is up more than +11% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) is up more than +6% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Teradyne (TER) is up more than +5% after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
Ford Motor (F) is up more than +5% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Tumble as Chipmakers Plunge, Oil Spikes

The S&P 500 Index ($SPX) (SPY) today is down -0.71%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.98%. September E-mini S&P futures (ESU26) are down -0.75%, and September E-mini Nasdaq futures (NQU26) are down -1.03%.
Stock indexes are falling today, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks are selling off today, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The markets are awaiting the results of the 2-day FOMC meeting that ends early this afternoon, with policymakers expected to keep interest rates unchanged. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +4 bp to 4.64%.
Sep WTI crude oil prices (CLU26) jumped by more than +7% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 34% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.73%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -9 ticks. The 10-year T-note yield is up +3.0 bp to 4.637%. T-notes are under pressure today from a +7% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +5.0 bp to 3.154%. The 10-year UK gilt yield is up +7.7 bp to 5.021%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sharply lower today, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and is down more than -3%. Nebius Group NV (NBIS) is down more than -9% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) and Sandisk (SNDK) are down more than -7%. Also, Applied Materials (AMAT), NXP Semiconductors NV (NXPI), and ARM Holdings (ARM) are down by more than -5%, and Advanced Micro Devices (AMD) is down more than -4%. In addition, Marvell Technology (MRVL), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -3%, and Nvidia (NVDA), Intel (INTC), and Texas Instruments (TXN) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -7%, and Saia Inc (SAIA), FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and CH Robinson Worldwide (CHRW) are down more than -2%. Also, Old Dominion Freight Line (ODFL), Marten Transport Ltd (MRTN), Knight-Swift Transportation Holdings (KNX), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) is down more than -3%, and Delta Air Lines (DAL) and Southwest Airlines (LUV) are down more than -2%. Also, American Airlines Group (AAL) and United Airlines Holdings (UAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +7%. Diamondback Energy (FANG) is up more than +4%, and ConocoPhillips (COP), APA Corp (APA), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +3%. Also, Baker Hughes (BKR) and Chevron (CVX) are up more than +2%, and Phillips 66 (PSX) and Valero Energy (VLO) are up more than +1%.
Lennox International (LII) is down more than -19% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -13% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Avis Budget Group (CAR) is down more than -11% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Masco Corp (MAS) is down more than -10% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) is down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Humana (HUM) is down more than -6% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) is up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) is up more than +11% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) is up more than +6% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Teradyne (TER) is up more than +5% after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
Ford Motor (F) is up more than +5% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Tumble Ahead of FOMC as Chipmakers Plunge

The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.21%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +1.03%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.98%. September E-mini S&P futures (ESU26) rose +0.24%, and September E-mini Nasdaq futures (NQU26) fell -0.88%.
Stock indexes settled mixed on Tuesday, with the Dow Jones Industrials climbing to a 1.5-week high and the Nasdaq 100 falling to a 2.75-month low. Better-than-expected earnings from Boeing, Coca-Cola and Sherwin-Williams were supportive of stocks on Tuesday. Also, software stocks rose as investors rotated into sectors that had recently underperformed.
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However, the Nasdaq 100 was under pressure amid a deepening rout in chipmakers and AI-infrastructure stocks, driven by fresh concerns over artificial intelligence spending and rising competition from China. Also, the unexpected decline in US July consumer confidence weighed on market sentiment on Tuesday.
Lower crude oil prices have also eased inflation concerns and pushed bond yields lower, supporting stocks. Sep WTI crude oil prices (CLU26) fell by more than -4% on Tuesday to a 1-week low, as the US and Iran extended their pause in hostilities. The focus is now on talks between Iran and Oman over reopening the Strait of Hormuz. The 10-year T-note yield fell -5 bp to 4.60%.
However, tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, President Trump on Tuesday said that the US would “take out” Pickaxe Mountain, an Iranian facility that the US and Israel said they suspect is a nuclear site, if there wasn’t a deal. In addition, Houthi militants said they would continue striking Saudi Arabia after claiming to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi Arabia’s key crude export outlet since the Strait of Hormuz has been effectively shut off by the war.
The US May S&P composite-20 home price index rose +1.6% y/y, stronger than expectations of +1.3% y/y and the largest increase in 10 months.
The Conference Board US Jul consumer confidence index unexpectedly fell by -1.4 to 90.8, weaker than expectations of an increase to 92.4.
The US Jul Richmond Fed manufacturing survey rose +1 to 5, weaker than expectations of 6.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms on Wednesday, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 170 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 30% chance of a +25 bp rate hike at the Tue/Wed FOMC meeting.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 closed up +0.12%. China's Shanghai Composite closed down -1.16%. Japan's Nikkei-225 Stock Average fell to a 2-month low and closed down sharply by -3.95%.
Interest Rates
September 10-year T-notes (ZNU6) on Tuesday closed up +7.5 ticks. The 10-year T-note yield fell -4.9 bp to 4.600%. T-notes pushed higher on Tuesday as a -4% plunge in crude oil prices eased inflation expectations. The 10-year breakeven inflation rate fell to a 1-month low of 2.192% on Tuesday. T-notes also rose after US July consumer confidence unexpectedly declined. Solid demand for the Treasury’s $44 billion auction of 7-year T-notes was bullish for T-note prices, as the auction had a bid-to-cover ratio of 2.49, better than the 10-auction average of 2.47.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell to a 2-week low of 3.103% and finished down -2.9 bp to 3.104%. The 10-year UK gilt yield slid to a 1-week low of 4.944% and finished down -5.2 bp to 4.944%.
The France Jul consumer confidence survey rose +2 to a 4-month high of 86, stronger than expectations of 85.
The markets are discounting an 86% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Software stocks rallied on Tuesday, a supportive factor for the overall market. Workday (WDAY) closed up more than +8% to lead gainers in the Nasdaq 100, and Thomson Reuters (TRI) and Autodesk (ADSK) closed up more than +5%. Also, Adobe (ADBE), ServiceNow (NOW), Salesforce (CRM), and Atlassian (TEAM) closed up more than +4%, and Intuit (INTU) closed up more than +3%. In addition, Microsoft (MSFT) and Cadence Design Systems (CDNS) closed up more than +1%.
Chipmakers and AI-infrastructure stocks retreated on Tuesday, weighing on the Nasdaq 100. The iShares Semiconductor ETF (SOXX) dropped to a 2.5-month low and closed down more than -4%. Sandisk (SNDK) closed down more than -14% to lead losers in the S&P 500 and Nasdaq 100, and Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), Micron Technology (MU) and Seagate Technology Holdings Plc (STX) closed down more than -8%. Also, Applied Materials (AMAT), Marvell Technology (MRVL), and Lam Research (LRCX) closed down more than -7%, and KLA Corp (KLAC) and Western Digital (WDC) closed down more than -6%. In addition, Intel (INTC) closed down more than -5%, and Qualcomm (QCOM) closed down more than -4%.
Cryptocurrency-exposed stocks moved lower on Tuesday after Bitcoin (^BTCUSD) fell more than -1% to a 1-week low. Galaxy Digital Holdings (GLXY) closed down more than -9%, and MARA Holdings (MARA) closed down more than -4%. Also, Strategy (MSTR), Riot Platforms (RIOT), and Circle Internet Group (CRCL) closed down more than -2%, and Coinbase Global (COIN) closed down -0.39%.
IQVIA Holdings (IQV) closed up more than +13% to lead gainers in the S&P 500 after boosting its full-year revenue forecast to $17.28 billion to $17.48 billion from a previous forecast of $17.15 billion to $17.35 billion, stronger than the consensus of $17.28 billion.
Sherwin-Williams (SHW) closed up more than +8% to lead gainers in the Dow Jones Industrials after reporting adjusted EPS of $3.70, better than the consensus of $3.51, and raising its full-year adjusted EPS forecast to $11.80 to $12.20 from a previous forecast of $11.50 to $11.90, above the consensus of $11.76.
Nucor (NUE) closed up more than +7% after reporting Q2 net sales of $10.40 billion, above the consensus of $10.03 billion.
Coca-Cola (KO) closed up +5% after raising its full-year comparable EPS forecast to +9% to +10% from a previous view of +8% to +9%.
Boeing (BA) closed up more than +4% after reporting Q2 revenue of $24.56 billion, stronger than the consensus of $24.26 billion.
Amkor Technology (AMKR) closed down more than -24% after forecasting Q3 net sales of $1.95 billion to $2.05 billion, weaker than the consensus of $2.11 billion.
Corning (GLW) closed down more than -12% after forecasting Q3 core sales of $4.9 billion to $5.0 billion, the midpoint below the consensus of $5.0 billion.
Noble Corp. (NE) closed down more than -9% after cutting its full-year adjusted Ebitda estimate to $850 million to $925 million from a previous forecast of $940 million to $1.02 billion, below the consensus of $970.3 million.
Carrier Global (CARR) closed down more than -8% after reporting Q2 gross margin of 27.2%, below the consensus of 28.1%.
RXO Inc (RXO) closed down more than -6% after TD Cowen downgraded the stock to sell from hold with a price target of $19.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Mostly Higher on Positive Earnings Results

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Seagate Technology Holdings PLC (Symbol: STX), where a total of 23,403 contracts have traded so far, representing approximately 2.3 million underlying shares. That amounts to about 48.2% of STX's average daily trading volume over the past month of 4.9 million shares. Especially high volume was seen for the $920 strike call option expiring July 31, 2026, with 1,057 contracts trading so far today, representing approximately 105,700 underlying shares of STX. Below is a chart showing STX's trailing twelve month trading history, with the $920 strike highlighted in orange:
Marvell Technology Inc (Symbol: MRVL) saw options trading volume of 124,611 contracts, representing approximately 12.5 million underlying shares or approximately 47.5% of MRVL's average daily trading volume over the past month, of 26.3 million shares. Especially high volume was seen for the $240 strike call option expiring August 14, 2026, with 6,053 contracts trading so far today, representing approximately 605,300 underlying shares of MRVL. Below is a chart showing MRVL's trailing twelve month trading history, with the $240 strike highlighted in orange:
And Western Digital Corp (Symbol: WDC) saw options trading volume of 32,467 contracts, representing approximately 3.2 million underlying shares or approximately 44.2% of WDC's average daily trading volume over the past month, of 7.3 million shares. Especially high volume was seen for the $490 strike put option expiring July 31, 2026, with 2,121 contracts trading so far today, representing approximately 212,100 underlying shares of WDC. Below is a chart showing WDC's trailing twelve month trading history, with the $490 strike highlighted in orange:
For the various different available expirations for STX options, MRVL options, or WDC options, visit StockOptionsChannel.com.
Further STX Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Tuesday Option Activity: STX, MRVL, WDC

The S&P 500 Index ($SPX) (SPY) today is up +0.05%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.738%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.12%. September E-mini S&P futures (ESU26) are up +0.05%, and September E-mini Nasdaq futures (NQU26) are down -1.20%.
Stock indexes are mixed today, with the Dow Jones Industrials climbing to a 1.5-week high and the Nasdaq 100 falling to a 2.75-month low. Better-than-expected earnings from Coca-Cola and Sherwin-Williams are supportive of stocks today. However, the Nasdaq 100 is under pressure today amid a deepening rout in chipmakers and AI-infrastructure stocks, driven by fresh concerns over artificial intelligence spending and rising competition from China. Also, the unexpected decline in US July consumer confidence is weighing on market sentiment today. Losses in stock indexes are limited as investors rotate into sectors that tend to generate relatively stable revenue regardless of the economic cycle.
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Lower crude oil prices have also eased inflation concerns and are pushing bond yields lower, supporting stocks. Sep WTI crude oil prices (CLU26) are down by more than -1% today to a 1-week low, as the US and Iran extended their pause in hostilities. The focus is now on talks between Iran and Oman over reopening the Strait of Hormuz. The 10-year T-note yield is down -4 bp to 4.61%.
However, tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf and President Trump raised the possibility of intensified action against Iran. Also, Houthi militants in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi’s key crude export outlet since the Strait of Hormuz has effectively been shut off by the war. Jizan is home to a refinery and export terminal along the Red Sea.
The US May S&P composite-20 home price index rose +1.6% y/y, stronger than expectations of +1.3% y/y and the largest increase in 10 months.
The Conference Board US Jul consumer confidence index unexpectedly fell by -1.4 to 90.8, weaker than expectations of an increase to 92.4.
The US Jul Richmond Fed manufacturing survey rose +1 to 5, weaker than expectations of 6.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are waiting for results from a raft of megacap technology companies this week, including Amazon.com, Meta Platforms, and Microsoft. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 145 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 30% chance of a +25 bp rate hike at the Tue/Wed FOMC meeting.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.06%. China's Shanghai Composite closed down -1.16%. Japan's Nikkei-225 Stock Average fell to a 2-month low and closed down sharply by -3.95%.
Interest Rates
September 10-year T-notes (ZNU6) today are up +6 ticks. The 10-year T-note yield is down -3.4 bp to 4.614%. T-notes are climbing today as a -1% fall in crude oil prices eases inflation expectations. The 10-year breakeven inflation rate fell to a 1-month low of 2.192% today. Also, short covering ahead of the 2-day FOMC meeting that begins today is supporting T-note prices. T-notes raced to their highs today after US July consumer confidence unexpectedly declined. Supply pressures are limiting gains in T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 2-week low of 3.106% and is down -0.7 bp to 3.126%. The 10-year UK gilt yield slid to a 1-week low of 4.945% and is down -2.9 bp to 4.968%.
The France Jul consumer confidence survey rose +2 to a 4-month high of 86, stronger than expectations of 85.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today, weighing on the broader market. The iShares Semiconductor ETF (SOXX) dropped to a 2.5-month low and is down more than -5%. Sandisk (SNDK) is down more than -14% to lead losers in the Nasdaq 100, and Western Digital (WDC) is down more than -13%. Also, Seagate Technology Holdings Plc (STX) is down more than -11%, and Micron Technology (MU) and Lam Research (LRCX) are down more than -9%. In addition, Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), Applied Materials (AMAT), and Marvell Technology (MRVL) are down more than -8%, and Intel (INTC) and KLA Corp (KLAC) are down more than -6%.
Cryptocurrency-exposed stocks are moving lower today, with Bitcoin (^BTCUSD) down more than -2% at a 1-week low. Galaxy Digital Holdings (GLXY) is down more than -8%, and MARA Holdings (MARA) is down more than -5%. Also, Riot Platforms (RIOT) is down more than -4%, and Circle Internet Group (CRCL) is down more than -3%. In addition, Coinbase Global (COIN) and Strategy (MSTR) are down more than -1%.
Software stocks are mostly higher today, a supportive factor for the overall market. Workday (WDAY) is up more than +7% to lead gainers in the Nasdaq 100, and Thomson Reuters (TRI) is up more than +6%. Also, Autodesk (ADSK) is up more than +5%, and Adobe (ADBE), Intuit (INTU), ServiceNow (NOW), and Salesforce (CRM) are up more than +4%. In addition, Atlassian (TEAM) is up more than +2%, and Microsoft (MSFT) and Cadence Design Systems (CDNS) are up more than +1%.
Amkor Technology (AMKR) is down more than -22% after forecasting Q3 net sales of $1.95 billion to $2.05 billion, weaker than the consensus of $2.11 billion.
Corning (GLW) is down more than -18% to lead losers in the S&P 500 after forecasting Q3 core sales of $4.9 billion to $5.0 billion, the midpoint below the consensus of $5.0 billion.
Noble Corp. (NE) is down more than -7% after cutting its full-year adjusted Ebitda estimate to $850 million to $925 million from a previous forecast of $940 million to $1.02 billion, below the consensus of $970.3 million.
RXO Inc (RXO) is down more than -6% after TD Cowen downgraded the stock to sell from hold with a price target of $19.
IQVIA Holdings (IQV) is up more than +12% to lead gainers in the S&P 500 after boosting its full-year revenue forecast to $17.28 billion to $17.48 billion from a previous forecast of $17.15 billion to $17.35 billion, stronger than the consensus of $17.28 billion.
Sherwin-Williams (SHW) is up more than +7% to lead gainers in the Dow Jones Industrials after reporting adjusted EPS of $3.70, better than the consensus of $3.51, and raising its full-year adjusted EPS forecast to $11.80 to $12.20 from a previous forecast of $11.50 to $11.90, above the consensus of $11.76.
Coca-Cola (KO) is up more than +6% after raising its full-year comparable EPS forecast to up +9% to +10% from a previous view of +8% to +9%.
Nucor (NUE) is up more than +4% after reporting Q2 net sales of $10.40 billion, above the consensus of $10.03 billion.
Intuitive Surgical (ISRG) is up more than +2% after UBS upgraded the stock to buy from hold with a price target of $500.
Earnings Reports (7/28/2026)
American Tower Corp (AMT), Arch Capital Group Ltd (ACGL), Armstrong World Industries Inc (AWI), Avis Budget Group Inc (CAR), Axalta Coating Systems Ltd (AXTA), Axis Capital Holdings Ltd (AXS), Bloom Energy Corp (BE), Boeing Co/The (BA), BXP Inc (BXP), Caesars Entertainment Inc (CZR), Carrier Global Corp (CARR), Centene Corp (CNC), CenterPoint Energy Inc (CNP), Chemed Corp (CHE), CMS Energy Corp (CMS), Coca-Cola Co/The (KO), Corning Inc (GLW), CoStar Group Inc (CSGP), Crane Co (CR), DTE Energy Co (DTE), Ecolab Inc (ECL), Enphase Energy Inc (ENPH), ExlService Holdings Inc (EXLS), Expand Energy Corp (EXE), Extra Space Storage Inc (EXR), FirstEnergy Corp (FE), Ford Motor Co (F), HF Sinclair Corp (DINO), Hilton Worldwide Holdings Inc (HLT), Hubbell Inc (HUBB), Illinois Tool Works Inc (ITW), Incyte Corp (INCY), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KLA Corp (KLAC), Landstar System Inc (LSTR), Liberty Live Holdings Inc (LLYVA), Manhattan Associates Inc (MANH), Mondelez International Inc (MDLZ), NOV Inc (NOV), NXP Semiconductors NV (NXPI), Omnicom Group Inc (OMC), Oshkosh Corp (OSK), PACCAR Inc (PCAR), PayPal Holdings Inc (PYPL), Pentair PLC (PNR), PPG Industries Inc (PPG), Qorvo Inc (QRVO), Repligen Corp (RGEN), Rithm Capital Corp (RITM), Royal Caribbean Cruises Ltd (RCL), S&P Global Inc (SPGI), Seagate Technology Holdings PL (STX), Sherwin-Williams Co/The (SHW), Skyworks Solutions Inc (SWKS), STAG Industrial Inc (STAG), Teradyne Inc (TER), Textron Inc (TXT), TransUnion (TRU), United Parcel Service Inc (UPS), Unum Group (UNM), Veralto Corp (VLTO), Visa Inc (V), WP Carey Inc (WPC), Xylem Inc/NY (XYL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed on Earnings Results and Weakness in Chipmakers

The S&P 500 Index ($SPX) (SPY) today is down -0.22%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.68%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.50%. September E-mini S&P futures (ESU26) are down -0.29%, and September E-mini Nasdaq futures (NQU26) are down -1.56%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 1.5-week high and the Nasdaq 100 falling to a 2.75-month low. Better-than-expected earnings from Coca-Cola and Sherwin-Williams are supportive of stocks today. However, the Nasdaq 100 is under pressure today amid a deepening rout in chipmakers and AI-infrastructure stocks, driven by fresh concerns over artificial intelligence spending and rising competition from China. Also, losses in stock indexes are limited as investors rotate into other sectors of the market that tend to generate relatively stable revenues regardless of the economic cycle.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Lower crude oil prices have also eased inflation concerns and are pushing bond yields lower, supporting stocks. Sep WTI crude oil prices (CLU26) are down by more than 1% today to a 1-week low, as the US and Iran extended their pause in hostilities. The focus is now on talks between Iran and Oman over reopening the Strait of Hormuz. The 10-year T-note yield is down -2 bp to 4.63%
However, tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf and President Trump raised the possibility of intensified action against Iran. Also, Houthi militants in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi’s key crude export outlet since the Strait of Hormuz has effectively been shut off by the war. Jizan is home to a refinery and export terminal along the Red Sea.
The US May S&P composite-20 home price index rose +1.6% y/y, stronger than expectations of +1.3% y/y and the largest increase in 10 months.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are waiting for results from a raft of megacap technology companies this week, including Amazon.com, Meta Platforms, and Microsoft. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 135 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 32% chance of a +25 bp rate hike at the next FOMC meeting on Tue/Wed.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.37%. China's Shanghai Composite closed down -1.16%. Japan's Nikkei-225 Stock Average fell to a 2-month low and closed down sharply by -3.95%.
Interest Rates
September 10-year T-notes (ZNU6) today are up +4 ticks. The 10-year T-note yield is down -2.2 bp to 4.626%. T-notes are climbing today as a -1% fall in crude oil prices eases inflation expectations. The 10-year breakeven inflation rate fell to a 1-month low of 2.192% today. Also, short covering ahead of the 2-day FOMC meeting that begins today is supporting T-note prices. Supply pressures are limiting gains in T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 2-week low of 3.106% and is down -0.4 bp to 3.129%. The 10-year UK gilt yield slid to a 1-week low of 4.945% and is down -2.7 bp to 4.970%.
The France Jul consumer confidence survey rose +2 to a 4-month high of 86, stronger than expectations of 85.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today, weighing on the broader market. The iShares Semiconductor ETF (SOXX) dropped to a 2.25-month low and is down more than -5%. Western Digital (WDC) is down more than -13% to lead losers in the Nasdaq 100, and Seagate Technology Holdings Plc (STX) is down more than -12%. Also, Micron Technology (MU) and Marvell Technology (MRVL) are down more than -9%, and Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), and Lam Research (LRCX) are down more than -8%. In addition, Applied Materials (AMAT) and Intel (INTC) are down more than -7%, and KLA Corp (KLAC) is down more than -6%.
Cryptocurrency-exposed stocks are moving lower today, with Bitcoin (^BTCUSD) down more than -3% at a 1-week low. Galaxy Digital Holdings (GLXY) is down more than -9%, and MARA Holdings (MARA) and Riot Platforms (RIOT) are down more than -7%. Also, Circle Internet Group (CRCL) is down more than -6%, and Coinbase Global (COIN) and Strategy (MSTR) are down more than -4%.
Software stocks are mostly higher today, a supportive factor for the overall market. Autodesk (ADSK), Thomson Reuters (TRI), and Workday (WDAY) are up more than +4%, and Adobe (ADBE), Intuit (INTU), and Salesforce (CRM) closed up more than +3%. Also, Microsoft (MSFT), ServiceNow (NOW), Atlassian (TEAM), and Cadence Design Systems (CDNS) are up more than +1%.
Amkor Technology (AMKR) is down more than -21% after forecasting Q3 net sales of $1.95 billion to $2.05 billion, weaker than the consensus of $2.11 billion.
Corning (GLW) is down more than -18% to lead losers in the S&P 500 after forecasting Q3 core sales of $4.9 billion to $5.0 billion, the midpoint below the consensus of $5.0 billion.
Noble Corp. (NE) is down more than -5% after cutting its full-year adjusted Ebitda estimate to $850 million to $925 million from a previous forecast of $940 million to $1.02 billion, below the consensus of $970.3 million.
RXO Inc (RXO) is down more than -5% after TD Cowen downgraded the stock to sell from hold with a price target of $19.
IQVIA Holdings (IQV) is up more than +14% to lead gainers in the S&P 500 after boosting its full-year revenue forecast to $17.28 billion to $17.48 billion from a previous forecast of $17.15 billion to $17.35 billion, stronger than the consensus of $17.28 billion.
Sherwin-Williams (SHW) is up more than +6% to lead gainers in the Dow Jones Industrials after reporting adjusted EPS of $3.70, better than the consensus of $3.51, and raising its full-year adjusted EPS forecast to $11.80 to $12.20 from a previous forecast of $11.50 to $11.90, above the consensus of $11.76.
Coca-Cola (KO) is up more than +6% after raising its full-year comparable EPS forecast to up +9% to +10% from a previous view of +8% to +9%.
Nucor (NUE) is up more than +5% after reporting Q2 net sales of $10.40 billion, above the consensus of $10.03 billion.
Intuitive Surgical (ISRG) is up more than +4% after UBS upgraded the stock to buy from hold with a price target of $500.
Earnings Reports (7/28/2026)
American Tower Corp (AMT), Arch Capital Group Ltd (ACGL), Armstrong World Industries Inc (AWI), Avis Budget Group Inc (CAR), Axalta Coating Systems Ltd (AXTA), Axis Capital Holdings Ltd (AXS), Bloom Energy Corp (BE), Boeing Co/The (BA), BXP Inc (BXP), Caesars Entertainment Inc (CZR), Carrier Global Corp (CARR), Centene Corp (CNC), CenterPoint Energy Inc (CNP), Chemed Corp (CHE), CMS Energy Corp (CMS), Coca-Cola Co/The (KO), Corning Inc (GLW), CoStar Group Inc (CSGP), Crane Co (CR), DTE Energy Co (DTE), Ecolab Inc (ECL), Enphase Energy Inc (ENPH), ExlService Holdings Inc (EXLS), Expand Energy Corp (EXE), Extra Space Storage Inc (EXR), FirstEnergy Corp (FE), Ford Motor Co (F), HF Sinclair Corp (DINO), Hilton Worldwide Holdings Inc (HLT), Hubbell Inc (HUBB), Illinois Tool Works Inc (ITW), Incyte Corp (INCY), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KLA Corp (KLAC), Landstar System Inc (LSTR), Liberty Live Holdings Inc (LLYVA), Manhattan Associates Inc (MANH), Mondelez International Inc (MDLZ), NOV Inc (NOV), NXP Semiconductors NV (NXPI), Omnicom Group Inc (OMC), Oshkosh Corp (OSK), PACCAR Inc (PCAR), PayPal Holdings Inc (PYPL), Pentair PLC (PNR), PPG Industries Inc (PPG), Qorvo Inc (QRVO), Repligen Corp (RGEN), Rithm Capital Corp (RITM), Royal Caribbean Cruises Ltd (RCL), S&P Global Inc (SPGI), Seagate Technology Holdings PL (STX), Sherwin-Williams Co/The (SHW), Skyworks Solutions Inc (SWKS), STAG Industrial Inc (STAG), Teradyne Inc (TER), Textron Inc (TXT), TransUnion (TRU), United Parcel Service Inc (UPS), Unum Group (UNM), Veralto Corp (VLTO), Visa Inc (V), WP Carey Inc (WPC), Xylem Inc/NY (XYL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed as Weakness in Chipmakers Deepens

STMicroelectronics N.V. STM is rapidly emerging as an important semiconductor supplier to the AI data center ecosystem. After delivering stronger-than-expected second-quarter 2026 results, management raised its outlook for the business, projecting AI data center revenues to exceed $1 billion in 2026 and climb well above $2 billion in 2027. The upgrade reflects accelerating customer demand, expanding design wins and growing confidence in STM's manufacturing capabilities.
The company's momentum is being fueled by the explosive adoption of AI infrastructure, particularly high-speed optical connectivity. STM is benefiting from rising demand for 800G and 1.6-terabit optical transceivers, where it supplies microcontrollers, electronic ICs and silicon photonics solutions. Management also highlighted growing opportunities in power management products for AI servers, with an expanding pipeline of design wins in both high-voltage and low-voltage power devices. The company expects optical connectivity to remain the primary growth engine while power products become an increasingly meaningful contributor.
Importantly, STM believes it has the manufacturing capacity to support this expansion. The company said the advanced 300-millimeter production lines and silicon photonics platform provide enough scalability to meet customer commitments, while backlog visibility and customer engagements already cover its expectations for next year. AI-related products are also expected to improve product mix and support higher gross margins over time.
Execution, however, remains critical. Ongoing factory restructuring, technology migration and temporary manufacturing costs could weigh on profitability in the near term. Even so, with strong customer demand, expanding AI design wins and differentiated technologies in optical interconnect and power management, STM appears well positioned to transform AI data centers into a multibillion-dollar business by 2027 if it successfully delivers on the production roadmap.
AI Data Center Race: How STM Stacks Up Against Broadcom and Marvell
STMicroelectronics is rapidly expanding its AI data center presence. It competes with established players like Broadcom AVGO and Marvell Technology MRVL. Broadcom remains the industry leader in AI networking and custom AI chips, benefiting from its dominant position in Ethernet switching, optical networking and custom silicon for hyperscale cloud providers. Its broad product portfolio and deep relationships with major AI infrastructure customers give Broadcom a significant competitive advantage as AI data center spending accelerates.
Marvell is another formidable rival, with a strong focus on high-speed optical interconnect, custom AI accelerators and data center connectivity. The company has secured multiple hyperscale customers and continues to benefit from rising adoption of 800G and 1.6T optical networking solutions.
However, STM is carving out a differentiated position through its expertise in silicon photonics, microcontrollers and power management solutions rather than competing directly in AI GPUs or networking chips. If management executes on its expanding design-win pipeline and manufacturing roadmap, STM could emerge as an important supplier to the AI infrastructure market while complementing, rather than directly replacing, the offerings of larger AI semiconductor players.
STM Stock’s Price Performance & Valuation Trend
Shares of this multinational semiconductor and electronics company soared 86.7% in the past six months, significantly outperforming the Zacks Semiconductor - General industry, the broader Zacks Computer and Technology sector and the S&P 500 index.
Price Performance
Image Source: Zacks Investment Research
STM stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 25.77, as evidenced by the chart below.
P/E (F12M)
Image Source: Zacks Investment Research
EPS Trend of STMicroelectronics
STM’s earnings estimates for 2026 and 2027 have moved downward in the past 30 days to $1.22 and $2.71 per share, respectively. Still, the revised estimates for 2026 and 2027 imply a significant year-over-year surge of 130.2% and 121.9%, respectively.
Image Source: Zacks Investment Research
STMicroelectronics currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can STM Turn AI Data Centers Into a $2 Billion Business by 2027?

For Immediate Release
Chicago, IL – July 28, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: MaxLinear MXL, Marvell Technology MRVL and Broadcom AVGO.
Here are highlights from Monday’s Analyst Blog:
MaxLinear Rides on AI Infrastructure Momentum: More Upside Ahead?
MaxLinear’s infrastructure business has emerged as the company’s primary growth engine, driven by accelerating demand for AI networking and optical interconnect solutions. In the second quarter of 2026, infrastructure became MaxLinear’s largest revenue category, surging 145% year over year as hyperscale customers ramped deployments of its optical data center platforms. Revenues surged 55% year over year, reflecting the rapid adoption of AI-focused infrastructure products. Management believes the company has entered a multi-year growth phase supported by improving visibility, stronger customer orders and a favorable shift toward higher-margin infrastructure products.
A major contributor to this momentum is MaxLinear’s Keystone 5-nanometer PAM4 DSP and SerDes platform, which is ramping into volume production for 400G and 800G optical transceivers at leading hyperscale customers across the United States and Asia. MXL highlighted Keystone’s significantly lower power consumption compared with competing solutions, making it attractive as AI clusters scale. The success of Keystone is also creating a pathway for future generations of optical connectivity, including 1.6T and 3.2T architectures built on 200G and 400G per-lane technologies, extending MaxLinear’s opportunities beyond the current upgrade cycle.
The company is also expanding its infrastructure portfolio beyond Keystone with products such as the Rushmore PAM4 DSP platform, reinforcing its position across AI scale-up and scale-out networking. Supported by robust customer orders and increasing production visibility, MaxLinear raised its 2026 optical data center revenue outlook to $210-$230 million and expects continued expansion into 2027 as hyperscale deployments accelerate. The company also expects the richer infrastructure mix to support higher gross margins and improved profitability, highlighting the operating leverage of its AI-focused portfolio.
Investments in high-speed SerDes technology, advanced optical interconnects and successive PAM4 platforms position MaxLinear for the next generation of AI networking. The company believes MXL’s broad infrastructure portfolio, decades of mixed-signal expertise and expanding engagements with hyperscale customers provide a foundation for sustained participation in the transition toward 1.6T, 3.2T and future optical networking architectures.
MXL Faces Tough Competition
MaxLinear faces competition from Marvell Technology and Broadcom in the AI infrastructure space, particularly in AI networking and optical connectivity.
Marvell is strengthening its competitive position across optical interconnect, PAM DSPs, silicon photonics, switching and custom AI silicon. MRVL expects its interconnect business to grow more than 70% in fiscal 2027, supported by rapid adoption of 1.6T products, while maintaining leadership across successive PAM4 generations. Marvell is also investing aggressively in scale-up and scale-across networking, coherent optics and silicon photonics, supported by expanding partnerships with NVIDIA and hyperscale customers.
Broadcom continues to expand its AI semiconductor leadership through custom AI accelerators and networking silicon, with AI semiconductor revenue reaching $10.8 billion in fiscal second-quarter 2026 and expected to climb to $56 billion for fiscal 2026. Broadcom also reported bookings well above shipments and expects AI networking demand to remain exceptionally strong, underscoring its scale and customer reach.
MXL’s Share Price Performance, Valuation & Estimates
MaxLinear’s shares have returned 310.7% year to date (YTD), outperforming the broader Zacks Computer and Technology sector’s return of 9.6%.
MXL stock is trading at a premium, with a forward 12-month price/sales of 8.48X compared with the broader sector’s 6.18X. MaxLinear has a Value Score of F.
The Zacks Consensus Estimate for 2026 earnings is pegged at $1.30 per share, down 2.3% over the past 30 days. MXL reported earnings of 31 cents per share in 2025.
MaxLinear currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Zacks Analyst Blog Highlights MaxLinear, Marvell Technology and Broadcom

Key Points
Marvell Technology generates strong profitability and significant revenue growth through its leadership in data center and AI semiconductor solutions.
Snowflake maintains a dominant position in the AI Data Cloud market with a consumption-based model that serves thousands of enterprise customers.
Which of these technology leaders is the better addition to your growth portfolio in 2026?
Investors seeking high-growth tech opportunities often face a choice between hardware innovators and software leaders. Deciding whether to buy Marvell Technology (NASDAQ:MRVL) or Snowflake (NYSE:SNOW) depends on your preference for infrastructure or analytics.
Marvell Technology focuses on data infrastructure hardware, providing the physical chips that power modern cloud networks. Snowflake provides a software-based data cloud that helps companies manage and analyze information across different providers. Both companies are central to the current artificial intelligence trend, though they operate at different ends of the technology stack.
The case for Marvell Technology
Marvell Technology designs semiconductor solutions for cloud systems, including its work on Trainium chips for Amazon. The company is a major player among semiconductor stocks and recently expanded its partnership with NVIDIA. Customer concentration adds a layer of risk here, as the ten largest customers accounted for roughly 82% of net revenue in fiscal 2026.
In its 2026 fiscal year (FY), revenue reached $8.2 billion, representing a growth rate of 42.1% compared to the prior year. This performance led to net income of $2.7 billion, a significant improvement over the net loss reported in the previous fiscal year. The company achieved a net margin of 32.6%, which measures how much profit a company retains for every dollar of sales it generates.
As of its January 2026 balance sheet, the debt-to-equity ratio was 0.3x, a metric representing total debt divided by shareholder equity. The current ratio, which measures a company's ability to cover short-term liabilities with short-term assets, stood at 2.0x while free cash flow reached $1.4 billion. Note that stock-based compensation (SBC) represented 33.8% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
The case for Snowflake
Snowflake provides the AI Data Cloud, a platform that allows organizations to manage, analyze, and share data across multiple public clouds. The company utilizes a consumption-based business model where customers pay based on the resources they use rather than a flat subscription fee. It serves over 12,000 global customers, including nearly 790 of the Forbes Global 2000 companies across industries like finance and healthcare.
For FY 2026, revenue grew by 29.2% to reach $4.7 billion as customer adoption of its platform continued to expand. Despite this growth, the company reported a net loss of $1.3 billion for the fiscal year. The net margin was negative 28.4%, which measures net income as a percentage of revenue and shows the company is still prioritizing market share over immediate profitability.
As of its January 2026 balance sheet, the debt-to-equity ratio was 1.4x, measuring total debt against shareholder equity. The current ratio, which compares short-term assets to short-term liabilities, was 1.3x while free cash flow reached $1.1 billion. Note that SBC represented 130.9% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.
Risk profile comparison
Marvell faces significant risks related to geopolitical tensions, specifically its reliance on third-party foundries in Taiwan. Evolving trade export controls could limit sales to China or disrupt its supply chain capacity. The company also faces competition as large cloud providers explore insourcing their own chip development, which could reduce the addressable market for Marvell’s custom hardware solutions.
Snowflake is a target for cyberattacks, and security incidents involving customer configurations can lead to litigation and loss of trust. The company also depends entirely on public cloud infrastructure from the likes of Amazon. These providers are also primary competitors that could use their control over pricing to put Snowflake at a disadvantage, especially given its volatile consumption-based revenue model.
Valuation comparison
Marvell Technology offers a lower valuation based on its Forward P/E, which tracks future earnings estimates, while Snowflake is cheaper relative to sales via the P/S ratio.
Metric
Marvell Technology
Snowflake
Forward P/E
51.3x
140.7x
P/S ratio
22.2x
20.1x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Marvell and Snowflake offer investors exposure to different areas of the artificial intelligence sector, and the segment Snowflake operates in makes it the better stock to buy. That said, there’s plenty to like about Marvell. Yet for investors looking at the long term, I believe Snowflake stock will win out over the long run.
That’s because Snowflake focuses on data, the key element that makes AI capable of analyzing situations and independently executing tasks. Certainly, an argument can be made that Marvell’s products are essential components for AI infrastructure, but once customers have upgraded and built out those systems, sales are poised to contract.
Meanwhile, AI will always need data, making Snowflake’s business more resilient over time. That’s why it’s sacrificing turning a profit to pursue market share. Even so, its net loss of $295.6 million in its fiscal first quarter, ended April 30, is a significant reduction from the prior year’s loss of $430 million. This demonstrates the company is reigning in its expenses on the path to eventual profitability.
Should you buy stock in Marvell Technology right now?
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Robert Izquierdo has positions in Amazon, Marvell Technology, Nvidia, and Snowflake. The Motley Fool has positions in and recommends Amazon, Marvell Technology, Nvidia, and Snowflake. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Marvell Technology, Inc.

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