The largest technology stocks are heading in opposite directions before the opening bell, a split that traders call "mixed" when the group lacks a single direction. The group is known as the Magnificent Seven, shorthand for the seven mega-cap technology companies heavy enough to move major market indexes on their own. Quarterly results from Alphabet, Tesla, and IBM are due this week, and the positioning ahead of those numbers is pulling the seven different ways.
Nvidia and the chipmaker retreat
Nvidia (NVDA) is the weakest name in the group, down 0.9% before the open, and it is not alone. Chipmakers as a category are retreating together this morning. That matters because Nvidia's revenue comes from selling graphics processing units, the chips that run artificial intelligence training workloads at scale. When the whole semiconductor group falls at once, the cause is rarely one company.
Alphabet (GOOGL) leads the Magnificent Seven higher at plus 0.8%. Microsoft (MSFT) is up 0.4%, Amazon (AMZN) is up 0.2%, and Meta is roughly unchanged. Apple (AAPL) and Tesla (TSLA) are each off 0.3%.
Nuclear suppliers catch a bid on AI power push
Outside the mega-cap group, Oklo Inc. and X-Energy Inc., both suppliers of advanced nuclear reactors, are climbing. Oklo is up 3.8% and X-Energy is up 2.9%, after reports that both companies are joining technology firms in a Trump administration initiative to accelerate power plant development for artificial intelligence data centers. The physical logic: AI infrastructure runs continuously and requires dense, reliable electricity. Nuclear fills that gap, and these two companies supply the reactors.
SMCI surges; Pegasystems and Otis miss on guidance
Super Micro Computer (SMCI) is the session's biggest upside mover, up 16% after the company raised its fourth-quarter gross margin outlook and reported a record backlog. Backlog is orders received but not yet filled; a record level means demand is outpacing current fulfillment capacity.
Pegasystems fell 15% after second-quarter adjusted earnings per share missed analyst expectations. The company said annual contract value growth slowed in the first half of the year because clients delayed purchasing decisions, and it expects that pattern to continue.
Otis Worldwide dropped 2.3% after lowering its full-year adjusted earnings per share guidance below analyst estimates. Vornado Realty Trust slipped 1.1% after Morgan Stanley (MS) downgraded the stock to underweight from equal-weight, citing an expensive valuation.