Overview
- A global semiconductor surge led by ASML’s record fourth‑quarter orders and SK Hynix’s record profit pushed U.S. chip stocks higher, with Nvidia, Intel and Micron climbing in early trade.
- The S&P 500 opened above 7,000 for the first time and the Nasdaq rose, with futures pointing higher ahead of earnings that are seen as the key test for the AI trade.
- Wall Street is focused on whether hyperscalers can show monetization from massive data‑center outlays, as analysts highlight elevated valuations and Gartner projects AI spending above $2.5 trillion this year.
- Tesla is under scrutiny after a 16% year‑over‑year drop in fourth‑quarter deliveries, with several firms cutting earnings estimates even as some price targets rise on longer‑term AI and robotics hopes.
- The Federal Reserve is expected to hold rates at 3.5%–3.75% later today, and traders are watching Chair Jerome Powell’s remarks, with market concentration in the Magnificent Seven heightening index‑level sensitivity to tonight’s results.