Tuesday’s tape had two stories, and they were pulling in opposite directions. On one side: a broad, earnings-driven risk-on rally. Palantir posted the single biggest print of the day anywhere in our ten sectors — a 29% surge on a quarter that showed U.S. commercial customers adopting its AI platform faster than the Street had modeled. Semiconductors, which spent July getting hammered on China-competition and Anthropic-custom-silicon fears, staged a sharp group recovery, with Micron and AMD both up more than 7%.

On the other side: the AI-power trade — the utilities and generation names that have been Wall Street’s favorite “picks and shovels” play on data center buildout all year — got sold hard. Vistra posted its steepest single-day drop of 2026, down over 8%, with Constellation Energy fading alongside it. No company-specific bad news broke on either name. This reads as rotation, not repricing: capital moving out of the power-adjacent trade and into direct AI compute, software, and speculative growth.

The tell is in what didn’t move. Traditional defense primes — Lockheed, Northrop, RTX — were essentially flat even as Palantir, their software-native peer, ripped 29%. That’s a signal the market is still treating “AI-native” and “legacy defense” as different trades, not one basket.

PLTR $162.66 (+29.45%) — Palantir’s earnings beat was the standout catalyst of the day across all ten sectors, driven by faster-than-expected commercial AI adoption.

QBTS $21.83 (+9.26%) — Quantum computing had its best day in weeks, with D-Wave, Rigetti, and IonQ all posting high-single-to-double-digit gains as speculative risk appetite returned broadly.

VST -8.15% — Vistra’s steepest drop of the year, with Constellation fading alongside it, as capital appears to rotate out of the AI-power trade and into direct AI-compute names.

PLTR · VST · CEG · QBTS · RGTI · ASTS · ACHR · MU · MP

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