Markets Snap Back on AI Chips; Oracle and Adobe in Focus

Wall Street Rebounds

Chip stocks led a sharp recovery Monday. INTC and MU were among the session's biggest gainers as AI-linked enthusiasm returned to markets. NVDA options positioning remains heavy, with active strikes stretching through September. The bounce followed last week's tech selloff, and traders moved fast to reload.

AI cloud is also in the spotlight. NBIS (Nebius) signalled expansion into the UK market. That adds to the week's broader AI infrastructure theme, which also includes CRWV (CoreWeave). CoreWeave has attracted both fresh short interest — SI hit 18.3% of free float — and continued insider selling. Director Jack Cogen filed over $229M in sales.

Pharma Mixed on Trial Data

GILD and MRK reported two contrasting outcomes today. Their once-weekly oral HIV regimen met Week 48 endpoints in the ISLEND-1 and ISLEND-2 trials. However, the pair also scrapped a separate Phase 3 study after their Trodelvy–Keytruda combination failed to hit its progression-free survival target in first-line lung cancer.

Earnings Ahead

ORCL reports Wednesday. Analysts lifted price targets aggressively — Oppenheimer went to $275. Cloud revenue and AI demand signals will drive the reaction. ADBE reports Thursday. Stifel trimmed its target to $350 after Adobe's AI monetisation path drew scepticism.

Geopolitics Add Pressure

Oil prices jumped after Iran missile strikes threatened a fragile ceasefire. That could weigh on fuel-dependent names. European drivers are already cutting fuel consumption — the continent saw its largest year-on-year fuel sales decline since October 2023. LCID faces a separate squeeze. Short utilisation hit 100% with availability at just 0.42% — new bearish positions are nearly impossible to open.