US Stocks Close: Three Major Indices Diverge, Nasdaq Falls 0.64%, Philadelphia Semiconductor Index Drops Over 4%; Memory and Chip Stocks Lead Declines, Software Stocks Gain Against Trend; Apple Hovers at Record Highs, Intel Falls Over 7% Post-Earnings

TradingKey - Investors are still assessing the latest developments in the Middle East conflict, with the three major U.S. stock indexes ending mixed. Memory and chip stocks led the losses, while software stocks bucked the trend to move higher.

At the close, the Dow Jones Industrial Average rose 0.46% to 51,947.25 points; the Nasdaq Composite Index fell 0.64% to 24,975.82 points; and the S&P 500 Index rose 0.05% to 7,411.98 points.

Tech Stock Performance

Apple (AAPL) rose 3.53% to $333.02, with its stock price hovering near all-time highs.

According to media reports, Apple is developing the next-generation MacBook Neo, which will be equipped with the A19 Pro chip. In terms of performance, the A19 Pro is about 10-15% faster than the A18 Pro in single-core and multi-core CPU tests. The reports noted that the improvement in GPU performance is even more significant, with benchmarks showing the A19 Pro's performance boost by up to 40%.

Additionally, the latest report from market research firm Counterpoint Research shows that the foldable smartphone market is expected to reach a major turning point in 2026, with Apple set to launch its first foldable iPhone in 2026. The firm forecasts that Apple is expected to quickly capture a 25% market share in its first year of entering the market, becoming a key force in reshaping the competitive landscape.

Among mega-cap tech stocks, Apple (AAPL) rose 3.53%, Google (GOOGL) gained 0.65%, and Microsoft (MSFT) ticked up 0.03%. On the downside, TSMC (TSM) fell 2.88%, Broadcom (AVGO) slid 2.69%, SpaceX (SPCX) fell 2.68%, Tesla (TSLA) dropped 2.08%, Meta Platforms (META) fell 1.80%, Nvidia (NVDA) slipped 0.92%, and Amazon (AMZN) shed 0.66%.

[Source: FutuBull]

The Philadelphia Semiconductor Index fell 4.25% to 11,818.89, with all 30 constituents trading lower.

Memory stocks took a hit, with SanDisk (SNDK) plunging 10.79%, SK Hynix (SKHY) dropping 8.81%, Micron Technology (MU) falling 6.99%, Western Digital (WDC) declining 6.90%, and Seagate Technology (STX) sliding 6.75%.

Among chip stocks, Arm Holdings (ARM) dropped 8.14%, Intel (INTC) fell 7.89%, AMD (AMD) lost 3.29%, and Qualcomm (QCOM) declined 2.42%.

Company News

Alphabet's Waymo Considers Terminating Partnership with Uber

Alphabet's self-driving unit Waymo is exploring options to exit its partnership with Uber. Relations are deteriorating as the two tech companies engage in a fierce lobbying battle over the future of the robotaxi industry. According to people familiar with the matter, the autonomous vehicle company has held internal discussions about ending its current partnership agreement with ride-hailing giant Uber to provide services in Austin and Atlanta. Uber said in a statement that Waymo has notified the company of its plans to enter these two markets independently starting in January 2028, as permitted by their contract. The two companies first established their partnership in 2023, but relations have deteriorated as they have increasingly become direct competitors in some markets and have lobbied for robotaxi regulations that benefit their own businesses while undermining the other's interests.

Morgan Stanley Says SpaceX May Offer Opportunity After Sharp Stock Decline

Morgan Stanley analysts said that the selloff in SpaceX stock has pushed its share price close to a level that implies investors are valuing its artificial intelligence business at zero. Morgan Stanley analyst Adam Jonas wrote in a note to clients on Friday: "We believe there is a disconnect between increasingly bearish investor sentiment and company fundamentals that are largely unchanged, which creates an attractive opportunity for investors to buy SpaceX stock." Jonas said many investors expect SpaceX's stock price could fall further to $100 per share as lock-up periods on early shares expire next month, allowing some insiders to sell. He believes that at this level, investors are effectively giving SpaceX's AI business zero or even negative valuation. The analyst has a $300 price target on SpaceX stock, with more than 50% of the valuation derived from the company's AI business.

Anthropic Launches All-New General Large Model Claude Opus 5

Anthropic has officially launched its all-new general large model, Claude Opus 5, entering the mainstream daily office scenario with a highly cost-effective positioning of "near-top flagship performance at half the price," thereby perfecting the tiered coverage capability of its product matrix. From the perspective of its core product positioning, Opus 5 targets the inclusive needs of daily corporate office work, with the company officially defining it as the default choice for most workplace scenarios. On the performance level, the model is close to Anthropic's current highest-end public-facing product, Fable 5, across the vast majority of capability dimensions, while upgrading capabilities in high-value scenarios such as self-verification, research assistance, and code development, precisely matching the core demands of enterprise office work and R&D while balancing user experience and cost.

Qualcomm Announces Product Price Increases

Qualcomm sent a price hike notification letter to customers on Friday, stating that it will raise product prices by double-digit percentages due to rising cost pressures, with the adjustment applying to products shipped after September 1. Qualcomm stated that it has "exhausted its ability to absorb supplier cost increases" and had previously attempted to mitigate cost pressures by seeking new supply sources and procuring alternative components.

Industry & Macro News

25 Tech Giants Sign Joint Open Letter Backing Open-Weight AI Models

A group of 25 U.S. tech companies, including Meta, Nvidia, and Microsoft, have co-signed an open letter calling for open-weight AI models. The letter points out that open-source weight models are essential to a healthy AI ecosystem. The U.S. faces a choice regarding open weights in the field of artificial intelligence. Admittedly, open-weight models do carry real and unique risks. However, in fact, openness may be one of the most important pathways to achieving AI safety and security. Relying solely on closed models is not secure in itself: they can be breached, abused, or fail in ways undetectable to outsiders. In contrast, open-weight models allow a broader community of researchers and developers to inspect their behavior, identify vulnerabilities, develop protective measures, and continuously improve them over time.

US, UK Plan Meeting on Strait of Hormuz to Push for Escort Coalition

The U.S. and the UK plan to hold a high-level meeting in London next week to focus on building a potential international coalition to protect maritime shipping in the Strait of Hormuz, according to media reports. The reports noted that scheduling and dates are still being discussed and have not been finalized. U.S. Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff General Dan Caine may attend. Sources said the U.S. hopes to build on and deepen cooperation based on discussions that the UK and France have had in recent months with several nations regarding a potential international coalition in the Strait of Hormuz. One of the key conditions set by many countries is that fighting within the strait must end to ensure ground conditions are safe enough to conduct an international maritime mission. Sources said the U.S. wants its allies to deploy assets such as minesweepers, naval vessels, and drones to the region to help secure the shipping lanes.

Trump Says US in Talks with Iran, Does Not Rule Out Escalating Military Strikes

Speaking at the White House about an 'exit strategy' for the war with Iran, U.S. President Donald Trump said the U.S. has two options: first, to continue current military operations and potentially escalate strikes to progressively dismantle Iran's military capabilities; and second, to reach a negotiated agreement. Trump said that Iran wants to make a deal but is 'not ready yet.' He stated that the U.S. could continue acting as it currently is, or it could intensify strikes more rapidly. Trump also noted that the U.S. is still negotiating with Iran, saying, 'as we speak, they're talking.'

Trump Threatens to Launch Trade Investigation Against EU

U.S. President Donald Trump said Friday that his administration will launch a trade investigation against the European Union, a move aimed at rolling back hefty fines imposed on American tech giants and likely resulting in 'massive' tariffs on the 27-nation bloc. In a lengthy post on Truth Social, Trump accused the EU of 'plundering American companies and, in turn, American taxpayers,' and expressed outrage over its recent $1 billion fine against Google for allegedly prioritizing its own services in search engines.