Coverage ended 3 updates · Last at 12:26pm ET

Live Nasdaq Composite: Chips Are Down as Investors Flee Tech in Latest Market Rotation

By Gerelyn Terzo · Updated Jul 7, 12:26pm ET · Published Jul 7, 9:19am ET

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Live Updates

Newest first

IPO Central

Demand for SK Hynix, which is gearing up for a listing on the U.S. stock market, is through the roof. The stock has reportedly been oversubscribed “multiple times” over, according to reports.

Separately, SpaceX (NASDAQ:SPCX) is officially joining the Nasdaq 100 today, marking the speediest inclusion into the index in its history. The milestone arrives less than a month after the company’s record-breaking IPO. SPCX shares are down 5% today in the tech sell-off.

 

Goldman: AI "job apocalypse" Overblown

Goldman Sachs is making the case that the AI “job apocalypse” is more fiction than forecast. The firm reportedly sees the labor market impact playing out over years rather than arriving all at once, with its base case projecting roughly 15 million U.S. workers, around 9% of the workforce, experiencing job displacement over the next decade. The automation risk is concentrated in white-collar work, with finance, law, consulting, customer service, software development, and graphic design among the most exposed fields.

Goldman estimates AI could absorb roughly 25% of total U.S. work hours over time. The early signs are already visible in tech, creative, and knowledge-based sectors, yet broad unemployment figures have shown little AI-driven movement so far, which Goldman points to as evidence that the economy retains more capacity to absorb the transition than the doomsday crowd gives it credit for.

Tech stocks remain under pressure today, pulling the Nasdaq Composite down 1.5%.

SK Hynix U.S. Debut

SK Hynix is making its U.S. market debut on the Nasdaq through an ADR listing expected to raise roughly $28.1 billion, a number that would rank as the second-largest equity share sale on record. The offering speaks to the depth of investor appetite for companies at the center of the AI infrastructure buildout, with the South Korean memory giant arriving at a moment when demand for its products is running well ahead of available supply.

Live coverage has ended. The full story is below.

Full Coverage

The story so far

This article will be updated throughout the day, so check back often for more daily updates. 

The Nasdaq Composite is heading into Tuesday under pressure as chip stocks face another round of selling and investors show fresh signs of rotating away from AI-driven names. Nasdaq 100 futures are off 1%, S&P 500 futures are slipping 0.1%, and Dow futures are moving in the opposite direction, adding 225 points, or 0.4%, as capital shifts away from tech toward more traditional corners of the market.

The session’s tone was set overnight in Asia, where Samsung’s record Q2 profit fell flat as worries over spending and demand overshadowed the headline numbers, dragging South Korea’s KOSPI down nearly 5%. The weakness carried into U.S. premarket trade, pulling Micron Technology (NASDAQ:MU | MU Price Prediction), KLA (NASDAQ:KLAC), Marvell Technology (NASDAQ:MRVL), Broadcom (NASDAQ:AVGO), and AMD (NASDAQ:AMD) all lower. Meanwhile, Wall Street remains bullish, as evidenced by Goldman Sachs’ decision to lift its price target on AMD to $640, up from $450, reemphasizing a “buy” rating attached.

A Reuters report revealed that China’s DeepSeek is building its own AI chip, a move that would lessen its reliance on Nvidia (NASDAQ:NVDA) and Samsung hardware, sending Nvidia shares down more than 2% and compounded the cautious mood across the tape. SpaceX (NASDAQ:SPCX) is taking it on the chin ahead of its historic Nasdaq 100 entrance today.

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 53,557 Up 0.34%
Nasdaq Composite: 29,617 Down 1.08%
S&P 500: 7,576 Down 0.20%

Market Movers

Famous economist Mohamed El-Erian flagged Samsung’s (OTC:SSNLF) post-earnings selloff as a market signal worth watching, noting on X that shares tumbled 7% despite record-breaking results, including an expected 1,800% jump in profits, a reminder of just how high the bar has risen for tech. The selloff dragged South Korea’s KOSPI down 5%, with ripple effects reaching U.S. markets as Nasdaq futures fell in sympathy. El-Erian’s broader question was whether this elevated expectations threshold will tighten funding conditions across the tech sector and ultimately weigh on the wider economy.

Amazon (NASDAQ:AMZN) is tapping the debt markets, announcing plans to raise capital through a bond offering structured across eight U.S. dollar-denominated tranches. Details are sparse, though the multi-tranche structure signals a substantial raise as the e-commerce and cloud giant looks to fund its expanding AI infrastructure ambitions.

Raymond James is opening its SpaceX (NASDAQ:SPCX) coverage with a price target that reaches for the stratosphere, attaching an $800 target on the stock alongside a Strong Buy rating. The firm considers SpaceX “one of the defining industrial infrastructure companies of the 21st century,” a bold opening statement for a stock that has already rewritten the record books since its IPO last month.

Contact [email protected] for any questions or corrections.

Gerelyn Terzo

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.

All articles →