FX.co ★ Chip Stocks Resume Declines

US stock indices mostly declined on Tuesday amid renewed concerns over data center financing ahead of key earnings releases. The S&P 500 inched lower, while the Nasdaq 100 dropped nearly 1%. In Seoul, South Korean AI infrastructure provider Elice plunged 32% following its IPO, adding to a growing list of signs that markets are becoming fatigued with the surging financing demands from chipmakers and data center operators. CoreWeave fell 5%, extending weakness after a sharp drop in its bonds last week. Shares of Micron, Marvell, and Arm were each down nearly 3%. Meanwhile, SpaceX slipped 1% ahead of its recently scheduled earnings report, due after the closing bell and widely seen as potentially paving the way for another capital raise. By contrast, more traditional sectors of the economy stabilized after Monday’s losses, helping lift the Dow by 0.3%. Walmart, ExxonMobil, and Eli Lilly each gained more than 1%.