US semiconductor index closes up 6.8%; Nasdaq 100 gains 3.4%

The dispersion inside the rally is the real story: chip and memory indices surged while Nvidia fell, suggesting the bid is rotating toward memory, equipment and smaller AI-adjacent names rather than the sector's bellwether. That breadth, with the Magnificent Seven lagging the semis, points to a more selective market than a simple risk-on headline implies. Whether memory and equipment leadership holds once the initial move fades, and whether Nvidia's weakness is isolated or spreads, is the open question.