Major indices are taking a breather today. The S&P 500 and Nasdaq both briefly reached record high levels before a reversal in Technology (XLK) and mega-cap names sent the major indices lower. 

Notably, the Nasdaq took 27 days to go from 22,000 to 23,000, the shortest time between a 1,000-point milestone on record.

AI Update

The $1 trillion in computer deals OpenAI has done this year shows how lucrative the AI revolution can be. It denotes that AI is driving real economic growth through massive infrastructure and chip investments.

Per Financial Times Estimates:

• Nvidia (NVDA): $500 billion
• Advanced Micro Devices (AMD): $300 billion
• Oracle (ORCL): $300 billion
• Coreweave (CRWV): $22 billion

However, OpenAI is not the only AI agent. Recently the new Grok Code Fast 1 has propelled X-AI models into the lead in terms of token usage, reaching over 1 trillion weekly tokens. A token is a small chunk of data that an AI model reads or writes to process language.

The Market Share dynamic shows that investment in the AI space may still be in the early stages, with robust competition.

Defensive sectors are leading the way this afternoon.

Ford Motor (F) is dragging Consumer Discretionary (XLY) lower after a major domestic aluminum supplier for the company had one of their plants catch fire last night. Homebuilders and travel niches also make up many of the top decliners in the sector.

The Trump administration is weighing the sale of some of its $1.6T federal loan portfolio to private investors, potentially opening opportunities for fintech lenders.

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