AI fever and inflation and cooling were fermenting simultaneously, with technology stocks holding up while Dow Jones weakening.

U.S. stocks showed divisions during the session, with the S & P and the Nasdaq index rising slightly and fees rising sharply, benefiting from AI demand and cloud momentum; Dow Jones was dragged down by the weakening of some weights. Wholesale inflation unexpectedly cooled, raising expectations for interest rate cuts, and funds are once again biased towards growth themes.

Index differences highlight the concentration of funds in technology and semiconductors.

The Dow Jones Industrial Average was temporarily reported at 45,465.16, down 0.54%; the S & P 500 Index was temporarily reported at 6,532.56, up 0.31%; the Nasdaq Composite Index was temporarily reported at 21,906.64, up 0.12%; the Philadelphia Semiconductor Index was temporarily reported at 5,943.99, up 2.13%. Trading on the market was active, and the trading volume of AI and cloud-related stocks was significantly enlarged.

Wholesale prices were lower than expected to strengthen the imagination of interest rate cuts.

The latest producer price index decreased month by month, and the market originally expected a monthly increase of 0.3%; the annual increase of 2.6% was also lower than the expectation of 3.3%. Data shows that price pressures are slowing, sending a biased signal ahead of the next Federal Reserve meeting, as investors are waiting for the consumer price index to serve as the last key clue to inflation.

Policy and personnel noise has eased but decision-making still returns to data.

The court ruled to prevent Trump from replacing Federal Reserve Director Lisa Cook, reducing uncertainty at the decision-making level. Coupled with the recent downward revision of employment data reflecting a weakening of the labor market, the market's bets on short-term interest rate cuts are heating up, but the subsequent pace will still depend on the combined performance of inflation and employment.

The surge in Oracle's explosion has driven the AI cloud ecosystem to heat up.

Oracle(Oracle, ORCL) surged 38.85% intraday. Although its single-quarter earnings did not exceed expectations, its CEO said that its cloud business will accelerate growth due to a sharp jump in AI customer orders, driving buying to chase prices. The trading volume of the stock has increased significantly, driving the momentum of cloud and database-related groups.

The differentiation of large-scale scientific and technological trends has become the key to the growth and decline of the index.

Nvidia(NVDA) rose 4.26%, Tesla(TSLA) rose 2.07%, Microsoft(MSFT) rose slightly 0.26%, and Alphabet (GOOGL) rose 0.42%; in contrast, Apple(Apple, AAPL) fell 3.19%, Meta Platforms(META) fell 1.37%, and Amazon(Amazon, AMZN) fell 2.80%, forming a seesaw between Dow Jones and the index.

Semiconductor led the way, but design automation fell sharply into a headwind.

Fei Banqiang was 2.13%, while Arm Holdings(ARM) was up 9.15%, boosted by AI and efficient computing themes; however, design automation leader Synopsys(SNPS) fell 35.14%, as financial reports and prospects raised doubts, dragging down relevant supply chain sentiment and increasing divisions within the ethnic group.

Advertising technology is under pressure and the concept of electricity and energy trading is strengthened.

The Trade Desk(TTD) fell 10.31% intraday, reflecting the digestion of evaluations and growth expectations; power and retail e-commerce operator Vistra(VST) rose 9.13%, boosted by data center power demand and long-term contract momentum. In addition, GameStop (GME) rose due to a single-quarter revenue increase of more than 20% annually, and intraday volume can be simultaneously expanded.

Derivatives and bond market dynamics show that risk sentiment is stable.

Index futures and spot prices are simultaneously stronger than tech groups. The VIX panic index has a moderate and low trend, indicating limited demand for hedging; U.S. Treasury yields fell back after the inflation data was released and then fluctuated. Although the market is more confident about the timing of interest rate cuts, it still retains flexibility for subsequent data.

Tariffs and geopolitical risks constitute potential disturbances in the intraday.

Trump called on the European Union and the United States to simultaneously implement a new round of 100% tariffs on India and China to force Russia to participate in the Ukraine negotiations; in addition, NATO member Poland shot down Russian drones that invaded its airspace. Although the event did not immediately trigger large fluctuations, it constituted a medium-term observation variable for the supply chain and risk appetite.

Follow-up observations focus on CPI and AI capital expenditure rhythm.

In the short term, buying orders related to AI and cloud are accepted on every return. After Oracle jumps, the volume can gradually cool down, and the intraday range becomes a reference for long and short periods. After Synopsis fell sharply, the selling pressure has not been exhausted, and short-term support needs to be reconfirmed; Huida's trend is strong but it is also affected by market fluctuations. Overall, CPI and Fed meetings will determine the path of interest rates, and corporate capital expenditures and order visibility are the keys to driving the life of technology and semiconductor stocks.