AMD -8.1% on Core Scientific GPU deal; chip sector sheds 5-8%

Tuesday's session divided cleanly along sector lines: semiconductor names shed between 4.2% and 8.1% while enterprise software staged a coordinated bounce, and Visa's earnings anchored the tape with a beat.

Semis sold off across the board

$AMD posted the session's worst drop at -8.1% after announcing an Instinct GPU supply agreement with bitcoin miner Core Scientific ($CORZ). The deal drew conflicting market readings — one set of headlines placed CORZ up 11% on the AI compute tie-up; another had it closing down 7.4% after the miner disclosed a Q2 net loss of $1.16 billion on revenue of $164.2 million. Markets appear to have interrogated what the commitment costs AMD rather than what it earns. $AMAT dropped 7.8%; no company-specific catalyst cleared the session's news window, and the move tracks sector sentiment rather than a dateable event. $INTC fell 5.9% despite reporting a quarter that nearly doubled expected profit — the selloff was the spending plan, not the earnings line. A rising capital bill, a softer profit guide, and a foundry division still deep in the red outweighed the beat. $QCOM shed 4.2% heading into its Wednesday earnings report; the stock sits 35% below its 2026 peak, with investors de-risking before the print.

Visa and the enterprise software rebound

$V reported Q2 CY2026 revenue of $11.63 billion, up 14.4% year on year and ahead of Wall Street's estimates. The company disclosed layoffs framed as AI-driven restructuring; separately, Elon Musk's X extended Visa's fintech reach via X Money — a Visa debit card product offering a 6% yield and real-time transfers. $ADBE gained 4.8% and $CRM added 4.6% as enterprise software found footing after the prior week's IBM-driven pullback eased; neither move carried a company-specific catalyst. $PLTR ran the opposite direction, falling 6.1% ahead of its own Q2 report as Wall Street moderated expectations following an extended rally.

The session's remaining moves

$BRK-B gained 3.1%. No filings cleared the gate and no news explained the move; the desk is logging it without attribution. The 10-year Treasury settled at 4.65% on Monday and the VIX closed at 18.7 — rate tension sufficient to frame the day's asymmetry between semis and software, but not enough to characterize the session as a broad risk-off event.

Filings desk

Google Ventures entities sold $1.6 million of Ethos Technologies stock, disclosed today under the $GOOG umbrella. No other substantive filings cleared the gate.

What we set aside

Two filings were held back because the underlying events were more than 36 hours old. Two tickers — $BRK-B and $BRK.B — were examined and produced no substantive news or filings in the window.

The desk is watching $QCOM earnings after Wednesday's close.