Tech Rotation Charts | From Nvidia Price Hikes to Tesla Cybercab
Last week, the Mag7 came under overall pressure, but with sharp internal divergence: $Tesla Motors(TSLA)$
Asset Rotation Analysis
Mag7: Last week saw intense rotation within the Mag7. $Tesla (TSLA.US)$ was the only name in the leading quadrant, up 6.02% for the week, with its 5-week trajectory trending upward, and both relative strength and momentum improving significantly, indicating accelerating capital inflows. $Apple (AAPL.US)$ and $Alphabet-A (GOOGL.US)$ were in the improving quadrant, with AAPL up 1.12% weekly and its 5-week trajectory clearly repairing upward with notable relative momentum improvement; GOOGL dipped 0.31% but its trajectory is also slowly improving.
MSFT and AMZN were in the weakening quadrant, falling 2.45% and 1.53% respectively, with relative strength and momentum declining in tandem, suggesting momentum decay after prior strength. NVDA, though still in the weakening quadrant, fell 4.64% weekly with its 5-week trajectory clearly deteriorating, and both relative strength and momentum sliding, reflecting market caution ahead of its earnings. META was in the lagging quadrant, down 6.77% weekly with its 5-week trajectory deteriorating sharply—the weakest performer among the Mag7, with both relative strength and momentum deeply retreating.
Other Hardware Sectors: The sector showed clear divergence, with storage and custom chip directions relatively stronger. MRVL, SNDK, and MU were in the leading quadrant— $Marvell Technology (MRVL.US)$ rose 6.77% weekly, $SanDisk (SNDK.US)$ fell 2.74% but its 5-week trajectory surged upward, and $Micron Technology (MU.US)$ dipped 0.5% while maintaining its leading position. $ASML Holding (ASML.US)$ was also in the leading quadrant but fell 4.36% weekly with its trajectory pulling back. $Lumentum (LITE.US)$ , was in the weakening quadrant, falling 6.42%, with 5-week trajectories deteriorating significantly. $Advanced Micro Devices (AMD.US)$ and $Qualcomm (QCOM.US)$ were in the improving quadrant, but AMD fell 8.0% weekly and QCOM dropped 3.04%, with limited improvement. Others such as $Broadcom (AVGO.US)$ , $Intel (INTC.US)$, $Coherent (COHR.US)$ , and $Corning (GLW.US)$ were all in the lagging quadrant, with INTC down 12.13% weekly, COHR down 11.14%, KLAC down 9.68%, and GLW down 9.73%. The heavy losses among lagging names in the sector indicate capital is withdrawing from traditional semiconductor and equipment stocks.
Other Software Sectors: The sector also showed internal divergence, with AI applications and cloud services relatively favored. $Atlassian (TEAM.US)$ , $Salesforce (CRM.US)$ , $ServiceNow (NOW.US)$ , $DoorDash (DASH.US)$ , $Figma Inc (FIG.US)$ , and $Palantir (PLTR.US)$ were in the leading quadrant—TEAM rose 5.91% weekly, CRM and FIG both gained 6.61%, NOW rose 3.61%, DASH gained 2.98%, and PLTR rose 3.39%. UBER was in the improving quadrant, up 3.75% weekly with improving relative momentum.
$Shopify (SHOP.US)$ , $Snowflake (SNOW.US)$ , and $MongoDB (MDB.US)$ were in the weakening quadrant, with MDB down 6.41% weekly and its 5-week trajectory deteriorating sharply. CRWD, PANW, NET, DDOG, and CRWV were in the lagging quadrant, with CRWD down 11.52% weekly and CRWV plunging 16.54%. NBIS, though in the improving quadrant, fell 21.09% weekly, indicating that high-valuation AI concept stocks are undergoing intense deleveraging.
Quantitative Factor Rankings
Residual Momentum Strategy Top 10: $Coinbase (COIN.US)$ leads by a wide margin with a score of 0.3150, followed by ILMN (0.1979) and TSLA (0.1390), with VRTX, CTSH, AMGN, CPRT, MELI, GILD, and PLTR ranking 4th through 10th. This strategy captures the continuation of short-term price deviations from equilibrium, and the inclusion of COIN and TSLA aligns with the recent strength in the cryptocurrency and new energy vehicle sectors.
Weekend Events
AAPL
- [2026-08-23] Apple reduced the EU standard App Store commission from 30% to 26%, resolving a two-year dispute with Brussels. While the amount involved is smaller than headlines suggest, the move helps improve relations with regulators.
MSFT
- [2026-08-23] Microsoft faces new news content payment obligations in Australia, as related laws require large digital platforms to pay local publishers for content, adding new regulatory constraints to its AI business push.
GOOGL
- [2026-08-20] Google parent Alphabet seeks to issue its first bond in Australia, raising approximately $3.6 billion to fund its local operations and investments.
- [2026-08-20] Alphabet expanded its AI chip partnership with Marvell Technology, focusing on custom processors for AI workloads, demonstrating continued investment in AI infrastructure.
NVDA
- [2026-08-24] Nvidia has notified major customers that server prices containing its AI chips will rise more than expected, with an AI-related price increase wave forming.
META
- [2026-08-23] A high-profile US case went to trial, with Meta potentially facing up to $1 trillion in damages for allegedly promoting social media addiction, though related legal questions remain in doubt.
- [2026-08-23] Trump's account executed over 1,000 trades in a single month, including buying Berkshire and selling Meta, drawing market attention.
- [2026-08-23] Zuckerberg published a 6,500-word AI manifesto defending Meta's unrestricted AI building strategy, emphasizing that Agentic AI is about to expand dramatically and Meta is leading this wave.
TSLA
- [2026-08-24] Tesla announced its "riskiest" launch event on September 3 in Austin, with speculation centered on Cybercab, though the company still faces many unresolved challenges.
- [2026-08-23] Tesla maintained majority share of the US EV market in Q2, but with the US market contracting, its overseas performance is also unoptimistic.
- [2026-08-22] Tesla recalled nearly 3 million vehicles in China, related to potential safety issues with emergency door release mechanisms.
- [2026-08-22] JPMorgan stated Tesla is confident in expanding Cybercab operations, with FSD V15 representing a "step change" over previous versions, and the company prioritizing Cybercab over further expanding the Model lineup.
Main Themes Summary
1. Sharp divergence within Mag7, capital shifts toward defense and thematic catalysts; Capital is flowing from high-valuation AI hardware toward names with clear event catalysts.
2. Tariff and macro policy disruptions intensify: Trump's new tariffs on Canada took effect, compounded by controversy over his account's frequent trading, leaving markets swinging between tariff uncertainty and safe-haven asset strength (Bitcoin, gold), with tech stocks broadly under pressure.
3. Hardware sector shows clear "de-bubbling" characteristics: Traditional semiconductor and equipment stocks like INTC, KLAC, COHR, and GLW saw weekly declines approaching or exceeding 10%, while storage and custom chip names like MRVL, SNDK, and MU maintained leadership, indicating capital is making structural reallocations within hardware rather than exiting entirely.
4. Quantitative signals point toward defense and efficiency: Both residual momentum and VAM strategies favor names like COIN and DASH that combine event-driven catalysts with high momentum efficiency. DASH resonates across triple quantitative signals and the RRG leading quadrant, making it a name worth watching in the current market environment.
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