Welcome to Markets Desk, here's where things stand.
The semiconductor rally is rewriting the record books. Every single stock in the PHLX Semiconductor Index is up more than ten percent this year, a breadth of gains that puts even the dot-com era to shame. With AI demand driving memory and logic chip orders alike, Micron's CEO just crossed the billionaire threshold as the company joined the trillion-dollar valuation club.
Not every corner of tech is celebrating, though. Salesforce dropped sharply after delivering a revenue outlook that fell short of what investors were pricing in. Despite momentum in its Agentforce AI platform, the market made clear it wants top-line growth, not just promising pilots. AI disruption concerns aren't going away, and for now they're cutting both ways.
Meanwhile, Zscaler had its worst single session on record, falling thirty-one percent after the cybersecurity firm issued what management called prudent guidance alongside a shakeup in its sales organization. That combination spooked investors badly. The stock has now lost roughly half its value over the past year, a painful reminder that even high-conviction growth names can unravel fast when execution stumbles.
That's the tape. Markets Desk, signing off the floor.
