QCOM -7.6% on Modular acquisition; chips rotate into software and healthcare

Friday closed with a visible rotation: semiconductor stocks absorbed the session's heaviest selling while enterprise software and healthcare names absorbed the corresponding bids. The macro backdrop held steady — the 10-Year Treasury at 4.40%, the 30-Year mortgage rate at 6.49%, and the VIX at 18.9, the kind of reading that describes controlled uncertainty rather than fear.

Chip pain: QCOM and AMAT

$QCOM fell 7.6%, the session's largest loss among the names the desk tracked. The catalyst: Qualcomm agreed to acquire Modular Inc in an all-stock transaction priced at 19.2 million shares. Share-issuance deals carry mechanical dilution pressure, and Friday's price action reflected it. $AMAT dropped 6.2% in sympathy, extending a broader semiconductor equipment retreat that continued through the afternoon.

Software and AI services took the bid

Where chip stocks shed points, enterprise software absorbed them. $MSFT rose 5.7% — notable given that broader equity benchmarks slipped Friday after President Trump said Iran had violated the ceasefire agreement. Reporting that AI-driven component costs are now flowing through to Microsoft product pricing supported the revenue-growth case. $CRM added 5.4%. $PLTR gained 5.3%, snapping a seven-day losing streak as investors moved from AI infrastructure names into AI software applications. Palantir is still down 36% on the year and trades at 77x earnings — the bounce is a relief, not a reversal.

Healthcare led the gainers

$LLY rose 7.1%, the session's strongest print, as the healthcare sector broadly outperformed (NYSE Healthcare Index +2.2%). $JNJ added 4.0% after releasing IMAAVY clinical data showing the autoimmune drug can treat earlier-stage generalized myasthenia gravis patients, potentially widening the addressable market beyond the drug's current approved indication.

Smaller beats

$ADBE gained 4.8%. Director David A. Ricks purchased 10,000 shares on June 25 at a weighted average of $194.51, totaling roughly $1.95 million — a Form 4 that landed the same session the stock moved. $COIN rose 4.6% despite a June 25 outage on its Base blockchain that halted transactions; the company said it was investigating the cause. $NFLX added 4.1% after announcing an AI advertising partnership with Omnicom; the ad tier already accounts for over 60% of new subscriber sign-ups.

Filings desk

Broadcom director Henry Samueli sold $249.9 million in $AVGO stock. Oracle's Vice Chairman exercised options and sold $47.3 million in $ORCL shares. Neither filing carried a stated 10b5-1 plan disclosure in the data available to the desk. The ADBE director purchase at $194.51 is noted above.

What we set aside

Two filings disclosed today described events older than 36 hours and were held under desk policy. Two Berkshire Hathaway B-share tickers were swept and returned no substantive filings or news within the window.

The desk is watching Monday's follow-through in semiconductor equipment names after AMAT's 6.2% decline, and any official response to the Iran ceasefire dispute that moved equity benchmarks lower into Friday's close.