Concerns regarding tariffs and trade rhetoric faded a bit in the second half of the week in the U.S., which gave way to decent economic data and a strong start to the earnings season. The S&P 500 and NASDAQ hit record highs (again). Yields were under modest pressure at the long end of the curve.

DeepSeek wrecks outlook for AI companies; Mag 7 companies MSFT, META, TSLA and AAPL report earnings; FOMC expected to hold rates

US stocks and gold hit more record highs. S&P 500 earnings mixed: banks strong, chip companies mixed, luxury struggles.

This article takes a quick look at the semi-conductor value-chain, including chip designers, fabricators and chip machinery makers.