US AI Stocks Rotate: Chip Shares Cool While Software Gains in Early July, Q2 Earnings to Verify Capex Trends

According to 優分析 (UAnalyze), U.S. stock markets saw a notable shift in AI-related capital allocation in early July, with funds rotating away from semiconductor and AI supply chain stocks toward software companies. Memory makers and other AI supply chain firms declined 10% to 25% from the month's start, prompting market discussion about whether the nine-month uptrend may be reversing.

Market participants expect second-quarter earnings to drive the next phase of this rotation. U.S. listed companies are projected to report 24% year-on-year profit growth totaling approximately $700 billion, with Nvidia and Micron Technology expected to contribute roughly 40% of the S&P 500's overall profit increase. Major tech firms including Alphabet, Meta, Amazon, Microsoft, Apple, and Nvidia—collectively expected to account for two-thirds of S&P 500 profits—will report earnings late this month, with banks kicking off the season next week.