Owning expensive growth cost you today: AppLovin closed down 19.9%, with Axon and Duolingo double-digit and near double-digit losers alongside it. The money rotated into AI hardware, where Astera Labs and Fabrinet both finished higher.

Palantir's 29% close pulled the entire AI complex with it, from Arm to the optical names supplying the data centers. Everything outside that trade got sold, with Bruker down 20% and Novo Nordisk sliding again.

Chip stocks led Tuesday's close with AMD and ON Semiconductor jumping over 8% and 7% respectively, while consumer plays like Uber and Expedia stumbled.

ON Semiconductor's 22% nosedive dragged semiconductor stocks lower, but retail favorites like fuboTV and Lucid surged double digits to cap the week.

Super Micro Computer surged 15.83% at the bell while semiconductor darlings Arm and Palantir crashed, signaling a sharp rotation away from Big Tech consensus picks.