Daily US Equity Report 2026-07-02 (Thu)
Great AI-infrastructure rotation — memory/semi crash vs software-platform counterattack: S&P 500 -0.22% at 7,483.23, Nasdaq -0.66%, Dow -0.03%; SMH -5.40% led lower while Meta +8.81% led the Mag7 counterattack. June payrolls out early tonight; early close 7/2, closed 7/3.
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US Stocks 07/02 [Great AI-infrastructure rotation — memory/semi crash vs software-platform counterattack: the three major indexes closed slightly lower on 7/1 — S&P 500 -0.22% at 7,483.23, Nasdaq Composite -0.66% at 26,040.03, Dow -0.03% at 52,305.24, SMH -5.40% led the decline; Meta +8.81%(reportedly building a cloud business to sell excess AI compute) led the Mag7 counterattack — APP +9.58% / HOOD +8.35% / PDD +8.18% / PLTR +7.77% / NOW +6.57% / MSFT +3.02%, while GLW -13.62% / KLAC -11.77% / SNDK -10.62% / MU -10.57% / AMAT -9.97% / MRVL -8.67%memory equipment crashed; VIX ticked up to 16.59, the 10Y rose to 4.48%, oil weak at -2.98%; June nonfarm payrolls moved up to tonight, early close on 7/2, market closed 7/3]
Data as of: 2026-07-01 (Wed) US Eastern close actuals ·Published: Taipei 7/2 07:00
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🎯 Today's (7/2) Key Watch Points
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One-line summary
7/1 (Wed)Great AI-infrastructure rotation — memory/semi crash vs software-platform counterattack— the three major indexes closed slightly lower, but violent rotation underneath: S&P 500 -0.22% at 7,483.23, Nasdaq Composite -0.66% at 26,040.03, Dow -0.03% at 52,305.24, SMH -5.40% led the decline.Meta +8.81%(reportedly building a cloud business to sell excess AI compute, redefining capex as revenue) led the Mag7 and software-platform counterattack, while GLW -13.62% / KLAC -11.77% / SNDK -10.62% / MU -10.57% / AMAT -9.97%memory equipment crashed across the board. VIX ticked up to 16.59, the 10Y rose to 4.48%, oil weak at -2.98%.
Main themes
▲ Software / platforms / financials / consumer counterattackAPP +9.58%, META +8.81%, HOOD +8.35%, PDD +8.18%, PLTR +7.77%, SPGI +7.73%, IBKR +7.13%, NOW +6.57%, SHOP +6.52%, ADP +5.26%, CRM +4.19%, NFLX +3.91%, MSFT +3.02%
▼ Semis / memory / equipment / materials crashGLW -13.62%, KLAC -11.77%, SNDK -10.62%, MU -10.57%, AMAT -9.97%, LRCX -9.71%, INTC -9.03%, MRVL -8.67%, ASML -7.36%, TSM -6.98%, AMD -6.89%, WDC -6.32%
↳ “AI hardware cracking at the highs, software platforms take the baton”: Meta announced a move into renting out cloud AI compute, recasting its massive capex as a potential revenue source — igniting a catch-up rally in lagging Mag7 and software platforms; at the same time it raised profit-taking and competition concerns for AI infrastructure (memory / equipment / pure-play compute), with money rotating out of high-flying semiconductor hardware into long-suppressed software.
Policy & liquidity
June nonfarm payrolls released early tonight (the week's biggest event)With Independence Day on 7/4 and the market closed Friday 7/3, June nonfarm payrolls are released early tonight (7/2) at 8:30, consensus around +115K, unemployment 4.3%; ADP and ISM Services are also in focus, US market closes early at 13:00 on 7/2 and is closed 7/3
AI capex narrative shiftMeta's cloud AI-compute pivot plus renewed fears of AI-infrastructure overinvestment sent money from “selling shovels” (memory / equipment) to “monetizing AI” (software / platforms); pure-play compute providers like CoreWeave / Nebius plunged in tandem, and the 10Y rising to 4.48% pressured valuations ahead of payrolls
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🏛 Market Backdrop7/1 close
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🌡 Macro Risk Signals7/1 close · Futu / CNN actuals
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📅 Earnings / Major Events, Next 2 Weeks7/1 - 7/15
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💡 Key Observations
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🔎 Focus stocks: META / MU / SNDK / NVDAMag7 counterattack vs memory crash
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| 🚀 Momentum Picks: 5 NamesSelection logic: momentum × relative valuation two-factor — 5D/10D/20D all strong in sync, with Fwd P/E inside the industry's reasonable band (valuation gate removes the overpriced), ranked by momentum strength × valuation cheapness; ignores revenue/earnings/story |
1META MetaSocial/AI cloud 5D +9.91%10D +2.12%20D +2.65%Fwd P/E 16.9 ★cheapMkt cap $1,560.0B All three periods turn positive + deep value + same-day catalyst: 5D/10D/20D (9.9/2.1/2.7) all positive, 7/1 +8.81% led the Mag7 counterattack (reported cloud AI-compute pivot), Fwd only 16.9x (megacap deep value) — tops the momentum × valuation composite. |
2HOOD RobinhoodBrokerage/fintech 5D +11.79%10D +12.35%20D +23.24%Fwd P/E 36.7 reasonableMkt cap $97.8B Most complete three-period alignment + continued same-day strength: 5D/10D/20D (11.8/12.4/23.2) balanced and all positive, +8.35% on 7/1 with 20D +23.24 near the top, Fwd 36.7 reasonable — highest momentum purity, ranks second. |
3AMAT Applied MaterialsSemi equipment 5D +10.52%10D +14.55%20D +32.83%Fwd P/E 39.7 reasonableMkt cap $516.8B Strongest 20D but 1D crash: 5D/10D/20D (10.5/14.6/32.8) all positive with the strongest 20D on the list, but -9.97% on 7/1 on profit-taking at the highs — watch for the three-period alignment loosening; Fwd 39.7 mid-band for equipment, ranks third on momentum × valuation. |
4GEV GE VernovaAI power 5D +7.25%10D +15.47%20D +17.04%Fwd P/E 46.2 reasonableMkt cap $304.8B Three-period alignment + AI power theme: 5D/10D/20D (7.3/15.5/17.0) balanced and aligned, AI data-center power demand still supportive and power-equipment momentum steady, Fwd 46.2 within the power-growth band — ranks fourth. |
5PANW Palo AltoCybersecurity 5D +23.41%10D +25.77%20D +18.46%Fwd P/E 85.5 upper bandMkt cap $286.9B Strongest short-term momentum + software-rally beneficiary: 5D/10D strongest on the list (+23.4/+25.8), 20D +18.46, +3.23% on 7/1 continuing strong, Fwd 85.5 at the upper edge of the security band (pricey) — ranks fifth among software-rally momentum names. |
* This “Momentum Picks” uses a momentum + relative valuation two-factor ranking: universe is the top 200 by market cap, requiring 5D/10D/20D all positive and aligned, with each industry's reasonable Fwd P/E band as a valuation gate.7/1 great AI-infrastructure rotation — the momentum board rotates into software platforms + brokers + power(META Fwd 16.9x deep value leading the counterattack; HOOD most complete across periods; AMAT 20D +32.8 strongest but 1D crash — watch for loosening; GEV power steady; PANW strongest short-term momentum but valuation at the upper edge);CRWD (Fwd 123.8) and TSLA (Fwd 170x + 20D +0.37 barely positive) removed by the valuation gate / momentum filter; PLTR / NOW / APP / DDOG strong on 1D-5D but 20D negative — fail three-period alignment; KLAC momentum similar to AMAT but Fwd 52.5 pricey — AMAT listed as the equipment representative. All % are Futu 7/1 closing values; Fwd P/E is Yahoo same-day. High-momentum names pull back fast — always set stops and position limits. For reference only; not investment advice.
📋 Full ListTop 200 by mkt cap · 20D gain > 20% · sorted by 20D
Semis · memory/CPUSemis · logic/ASIC/equipmentSoftware/securityNon-tech ｜Green= up on 7/1Red= down on 7/1
| Ticker / Name | Price | Gain (20D) | 1D (7/1) | 5D | 20D | YTD | Fwd P/E | Net income ($100M) | Mkt cap ($100M) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMAT Applied MaterialsSemi equipment | 650.91 | -9.97% | +10.52% | +32.83% | +153.91% | 39.7 | 85 as of 4/26 | 5,168 | |||
| KLAC KLASemi equipment | 266.19 | -11.77% | +10.69% | +30.15% | +119.64% | 52.5 | 47 as of 3/31 | 3,477 | |||
| HOOD RobinhoodBrokerage/fintech | 108.65 | +8.35% | +11.79% | +23.24% | -3.93% | 36.7 | 19 as of 3/31 | 978 |
* The 20D > 20% main list contracts sharply to 3 names (12 the prior trading day): with the 7/1 across-the-board memory/semi crash, SNDK / MU / INTC / AMD / LRCX and others fell below the 20% 20D threshold and exit; only the equipment duo AMAT (+32.83) / KLAC (+30.15) — base high enough that 20D still holds 30%+ after the one-day plunge — plus broker HOOD (+23.24) newly entering against the trend, remain.Net income= trailing four quarters (TTM), in $100M; “as of M/D” is the latest fiscal quarter end, updated after the next report.
📋 Full List (5D momentum)Top 200 by mkt cap · 5D gain > 10% · sorted by 5D
Semis · memory/CPUSemis · logic/ASIC/equipmentSoftware/securityNon-tech ｜Green= up on 7/1Red= down on 7/1
| Ticker / Name | Price | Gain (5D) | 5D | 20D | 1D (7/1) | YTD | Fwd P/E | Net income ($100M) | Mkt cap ($100M) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| PANW Palo AltoCybersecurity | 352.04 | +23.41% | +18.46% | +3.23% | +91.12% | 85.5 | 8 as of 4/30 | 2,869 | |||
| APP ApplovinAd software | 564.61 | +21.43% | -6.77% | +9.58% | -16.21% | 26.1 | 39 as of 3/31 | 1,897 | |||
| DDOG DatadogObservability software | 264.48 | +18.79% | -1.73% | +1.58% | +94.48% | 92.6 | 1 as of 3/31 | 941 | |||
| CRWD CrowdStrikeEndpoint security | 772.74 | +14.82% | +0.49% | +1.26% | +64.85% | 123.8 | 0 as of 4/30 | 1,967 | |||
| TSLA TeslaEV/AI | 425.30 | +13.25% | +0.37% | +1.12% | -5.43% | 170.0 | 39 as of 3/31 | 16,000 | |||
| NOW ServiceNowEnterprise software | 105.80 | +12.79% | -17.12% | +6.57% | -30.94% | 21.0 | 18 as of 3/31 | 1,091 | |||
| HOOD RobinhoodBrokerage/fintech | 108.65 | +11.79% | +23.24% | +8.35% | -3.93% | 36.7 | 19 as of 3/31 | 978 | |||
| PLTR PalantirAI software/analytics | 125.73 | +10.78% | -17.38% | +7.77% | -29.27% | 60.4 | 23 as of 3/31 | 3,014 | |||
| KLAC KLASemi equipment | 266.19 | +10.69% | +30.15% | -11.77% | +119.64% | 52.5 | 47 as of 3/31 | 3,477 | |||
| AMAT Applied MaterialsSemi equipment | 650.91 | +10.52% | +32.83% | -9.97% | +153.91% | 39.7 | 85 as of 4/26 | 5,168 |
* The 5D momentum board has 10 names (5D > 10%): software / security / platforms are the main axis (PANW / APP / DDOG / CRWD / NOW / PLTR) — the past week's software counterattack lifted 5D, though most 20D readings are still negative (gains concentrated in recent days); semi equipment KLAC / AMAT held 5D 10%+ even after the 7/1 crash thanks to earlier gains; TSLA / HOOD are the non-tech momentum names.Net income= trailing four quarters (TTM), in $100M (“as of M/D” is the latest fiscal quarter end); updated after the next report.
🤖 AI Sub-sector BreakdownAfter the 7/1 close · 20D average
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📈 Breadth SnapshotTop 200 by mkt cap · 7/1 advancers/decliners
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* 7/1 breadth weakened: 96 advancers vs 103 decliners(A/D 0.93:1), flipping negative from the prior session (102:96). Decliners concentrated in semis / memory / equipment / materials, gainers in software / platforms / financials / consumer; the index fell only slightly amid violent underlying rotation — a sector rotation, not a broad pullback.
🔁 6/30 → 7/1 Change Tracker
| Stock | 6/30 close (backfilled) | 7/1 close | 7/1 change | Key change |
|---|---|---|---|---|
| META Meta | $563.29 | $612.91 | +8.81% | Reportedly building a cloud business to sell excess AI compute, led the Mag7 counterattack, enters momentum picks at #1 |
| HOODRobinhood | $100.28 | $108.65 | +8.35% | Broker momentum name stays strong, three periods aligned, 20D +23.24newly enters the 20D list |
| PLTR Palantir | $116.67 | $125.73 | +7.77% | Software counterattack — 5D turns strong, enters the 5D board; but 20D still -17.38, not on the 20D list |
| GLWCorning | $255.42 | $220.63 | -13.62% | Fiber / glass — deepest one-day drop, AI optical-comms profit-taking |
| KLACKLA | $301.70 | $266.19 | -11.77% | Equipment hit hard, 20D still +30.15, holds #2 on the 20D list |
| SNDKSanDisk | $2,273.79 | $2,032.22 | -10.62% | Yesterday's top gainer gives it back, 20D falls below 20%exits the 20D list |
| MUMicron | $1,154.29 | $1,032.28 | -10.57% | Memory leader's three periods flip from positive to negative, temporarily off momentum picks |
| NVDANvidia | $200.08 | $197.58 | -1.25% | Relatively resilient amid the semi crash, 20D -11.22 now negative |
* From 6/30→7/1 the main axis flipped 180° from “semis continuing to lead” to “great AI-infrastructure rotation”: Meta +8.81% ignited the software-platform counterattack while memory/equipment crashed 8-13% across the board. The 20D main list contracted sharply from 12 to 3 names (SNDK / MU / INTC / AMD and others exit; only AMAT / KLAC / HOOD remain). Backfilled prior close = 7/1 close ÷ (1 + 7/1 % change).
📝 SummaryCore conclusions after the 7/1 close
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① Market structure: Q3's first day brought a great AI-infrastructure rotation — indexes fell slightly amid violent underlying turnover (S&P -0.22% at 7,483.23, Nasdaq Composite -0.66% at 26,040.03, Dow -0.03% at 52,305.24).SMH -5.40% led the decline as memory/equipment semis crashed across the board, partly offset by the Mag7 counterattack; breadth flipped negative (96 up vs 103 down), VIX ticked up to 16.59, the 10Y rose to 4.48%. A sector rotation, not a broad pullback.
② Theme 1: Meta +8.81% builds a cloud business, Mag7 counterattacks: Bloomberg reports Meta will build cloud infrastructure, selling excess AI compute and model access, recasting massive capex as potential revenue, META +8.81%leading a catch-up rally in lagging Mag7 and software platforms (MSFT +3.02%, APP +9.58%, NOW +6.57%, PLTR +7.77%); but it puts competitive pressure on pure-play compute providers (CoreWeave / Nebius).
③ Theme 2: Memory / equipment crash — AI hardware cracks at the highs: the AI hardware that had led for days saw broad profit-taking — GLW -13.62% / KLAC -11.77% / SNDK -10.62% / MU -10.57% / AMAT -9.97% / MRVL -8.67%. Renewed AI-infrastructure overinvestment fears plus Meta's in-house compute weakening external demand; but equipment / memory 20D readings remain high — a pullback after big gains, not fundamental deterioration.
④ Theme 3: Money rotates from “selling shovels” to “monetizing AI”: money is rotating out of high-flying semiconductor hardware (memory / equipment / pure-play compute) back into long-suppressed software platforms (ads APP, security PANW, enterprise software NOW, analytics PLTR) and financials / consumer (HOOD / SPGI / IBKR / PDD). The 10Y at 4.48% pressures valuations ahead of payrolls, but the software counterattack is Meta-story-driven and offsetting the rate headwind for now.
⑤ List changes: the 20D main list contracts sharply from 12 names to 3 (only AMAT / KLAC / HOOD remain; SNDK / MU / INTC / AMD / LRCX and others exit as 20D falls below 20%, while HOOD newly enters against the trend). The 5D momentum board rotates to software/security/platforms (PANW / APP / DDOG / CRWD / NOW / PLTR). AI sub-sectors: semi equipment (+22.0%) ＞ AI security (+8.6%) ＞ AI power (+6.3%) ＞ memory/HDD (+5.1%) ＞ CPU/mobile (-4.8%) ＞ logic/ASIC (-9.3%) ＞ software/AI cloud (-17.2%); but 1D/5D momentum has already reversed against 20D.
⑥ Conclusion & this week's strategy: violent rotation at the top of the AI trade — memory/semi crash vs software platforms taking the baton; indexes barely lower but internals churning hard.Tonight 7/2: June payrolls (early) + ISM Services ⭐⭐⭐ is the biggest focus; US market closes early at 13:00, closed 7/3. Strategy watch-points: (1) whether memory / equipment stabilize after the one-day 8-13% crash or the trend reverses; (2) whether the Meta-driven software counterattack extends or proves a one-day catch-up; (3) payrolls' impact on the 10Y (4.48%) and the rate-cut path. This week's rhythm: 7/2 payrolls + early close → 7/3 closed → 7/14 bank earnings kick off → 7/15 CPI + JPM → 7/28-29 FOMC.
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Sources: Futu US top-200 market-cap board (7/1 close), Yahoo Finance (indexes / ETFs / risk indicators / Fwd P/E / net income), CNN Fear & Greed Index (estimated), Bloomberg (Meta cloud-business report).
This report is for reference only and does not constitute investment advice. All percentages are Futu / Yahoo actuals; F&G and P/E are non-real-time estimates.
DAILY US EQUITY · 2026-07-02 (7/1 US Eastern close)
This report is for reference only and does not constitute investment advice. All percentages are Futu / Yahoo actuals; F&G and P/E are non-real-time estimates.
DAILY US EQUITY · 2026-07-02 (7/1 US Eastern close)
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