Palantir soars 29% — earnings power the rally

Today's Market

On the 4th (local time), an AI earnings rally led by Palantir's +29.4% surge lifted the Nasdaq +2.6%, S&P 500 +1.8% and Dow +1.7%.

• Chips and AI infrastructure gained too — Marvell (MRVL) +12.8%, Intel (INTC) +10.8%, Dell (DELL) +8.9%, Micron (MU) +7.6%

• Oil dropped 6.2% and the 10-year Treasury yield fell 5.9bp after Treasury Secretary Bessent said a U.S.–Iran deal could come "today or tomorrow", easing supply fears

• Even with indexes up, the VIX rose to 16.50 (+4.0%) and Fear & Greed climbed 20 points in a week

Market Data

S&P 500

7,736.52

▲1.79%

NASDAQ

26,584.99

▲2.59%

DOW

54,085.88

▲1.71%

VIX

16.50

▲4.04%

Fear & Greed 58 1W +20 · 1M +25

Sector Heat Map

SPY benchmark + 11 GICS sectors · 1-day

S&P 500 SPY +1.80%	Technology XLK +4.98%	Comm. Svcs XLC +0.63%	Cons. Discr. XLY +0.07%
Cons. Staples XLP +0.60%	Energy XLE −0.46%	Financials XLF +0.87%	Health Care XLV −0.09%
Industrials XLI +1.77%	Materials XLB +1.94%	Real Estate XLRE −0.02%	Utilities XLU −0.56%

In Focus

Palantir: growth did the talking 📈

Q2 revenue up 93%, annual outlook raised

• Commercial revenue called "otherworldly" as the stock surged

• Booming data-analytics spending named as the backdrop

Chip-sector headlines landed the same day 🔧

Separate news arriving alongside the move

• Onsemi guided to upbeat revenue on surging AI data-center chip demand

• Citi told clients to buy three chip names on the pullback

• The semiconductor ETF (SOXX) +6.8%, a sector-wide move

Caution signals inside the optimism ⚠️

Event risk ahead of payrolls

• A rising tape usually comes with falling volatility; the opposite here suggests hedging demand picked up

• Michael Burry warned of the market overall, seeing it "near a major top" with a possible 1987-type fall

• Friday's payrolls decide the direction

Earnings Note

AMD2026-08-04 8-K

• Q2 revenue hit $11.5B (+50% YoY), with data center revenue more than doubling to drive record profitability at EPS of $1.38

• The company guided Q3 revenue to $13B (±$300M, +41% YoY) with a 56% margin, projecting accelerating second-half results on the Helios and MI400 ramp

This Week

ALL TIMES EASTERN (ET)

• Earnings alongside jobs data — Friday's payrolls is the highlight

• Wed 8/5 ADP Employment

• Wed 8/5 LLY earnings | EPS est $6.58

• Wed 8/5 UBER earnings | EPS est $0.83

• Fri 8/7 Employment Situation (NFP)

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