Tech rotation bites ON, TXN as chip stocks stumble — June 28, 2026
S&P 500 -0.05% · Nasdaq -0.24% · Dow -0.09% · VIX 18.4 — June 28, 2026
The major indices barely budged today—S&P 500 off 0.05%, Nasdaq down 0.24%—but the message underneath was clear: investors are rotating hard out of expensive semiconductor and AI plays. ON Semiconductor cratered 23.7% after announcing a $7 billion all-stock acquisition of Synaptics, a deal that immediately diluted shareholder value and spooked the market on its signal: the chip cycle may not be as robust as priced in. Texas Instruments dropped 8.5%, and Qualcomm fell 7.6%, each stumbling as the sector's growth narrative frayed.
Be specific about what this rotation looked like. ON's deal paid for Synaptics in stock—essentially the company admitting cash wasn't abundant enough to fund the purchase outright, or that management wasn't willing to tap the balance sheet. That's a red flag in a sector built on capex cycles and margin expansion. Bloom Energy, another momentum darling, tanked 18.5% despite what should have been a bullish headline about HPE's CEO endorsements; the market simply moved on from that narrative. Meanwhile, software and services benefited: ServiceNow jumped 9.9% on an expanded IBM partnership, and Figma climbed 10.6% after Citi initiated coverage with a buy. Breadth stayed healthy (62 up, 38 down in the top 100), which meant this wasn't a crash—it was a reallocation.
No insider cluster buys lined up with today's movers, so the company executives themselves aren't visible in this rotation yet. That's worth watching. When insiders start buying after a tech dumpster fire, that's when you know management believes the reset is real.
Market commentary generated from the day's data and headlines — not investment advice.
Biggest moves today
- ON (ON Semiconductor Corporation) ▼ -23.66% at $90.65 on 44.1M shares — ON Semiconductor (ON) Is Buying Synaptics In A $7 Billion All Stock Deal (Simply Wall St.)
- BE (Bloom Energy Corporation) ▼ -18.49% at $252.02 on 57.0M shares — The Insane Number HPE’s CEO Just Threw Out Shows Why Bloom Energy Is a Buy Today (24/7 Wall St.)
- IBRX (ImmunityBio, Inc.) ▲ +11.81% at $8.71 on 36.5M shares — IBRX Stock Surges 12% On Russell 1000 Inclusion Hopes (Stocktwits)
- FIG (Figma, Inc.) ▲ +10.57% at $18.62 on 31.7M shares — Citi Initiates Figma (FIG) With a Buy Rating, Here’s What You Need to Know (Insider Monkey)
- BB (BlackBerry Limited) ▲ +10.25% at $11.40 on 53.7M shares — Why BlackBerry Stock Surged to a New 52-Week High Today (Motley Fool)
- NOW (ServiceNow, Inc.) ▲ +9.85% at $98.34 on 21.3M shares — ServiceNow (NOW) and IBM Announce Expanded Collaboration (Insider Monkey)
- TXN (Texas Instruments Incorporated) ▼ -8.46% at $285.43 on 28.5M shares — What Analog Devices Stock Was Saying By Intentionally Selling Less (Trefis)
- FRMI (Fermi Inc.) ▲ +7.84% at $9.49 on 28.6M shares — Fermi Selects TSK to Advance Engineering for Texas Power Project (Oilprice.com)
- QCOM (QUALCOMM Incorporated) ▼ -7.57% at $189.39 on 33.4M shares — Qualcomm (QCOM) Unveils AI Data Center Push With Meta Microsoft And Modular (Simply Wall St.)
- FRSH (Freshworks Inc.) ▲ +7.42% at $9.85 on 44.3M shares — PubMatic and Freshworks Shares Are Soaring, What You Need To Know (StockStory)
Most active by volume
| # | Ticker | Price | Change | Volume |
|---|---|---|---|---|
| 1 | AAL | $17.87 | +1.71% | 155.3M |
| 2 | NOK | $13.01 | -6.94% | 142.3M |
| 3 | HL | $15.54 | +2.57% | 110.1M |
| 4 | NVDA | $192.53 | -1.64% | 177.8M |
| 5 | ONDS | $7.83 | +2.02% | 101.0M |
| 6 | AAPL | $283.78 | +3.14% | 261.2M |
| 7 | SOFI | $17.88 | +3.35% | 88.2M |
| 8 | INTC | $128.32 | -3.42% | 98.0M |
| 9 | PLUG | $2.54 | -1.17% | 73.7M |
| 10 | AMZN | $232.69 | +2.50% | 241.2M |
| 11 | SPCX | $153.23 | +0.15% | 126.4M |
| 12 | MSFT | $372.97 | +5.71% | 181.0M |
| 13 | WULF | $25.83 | -0.88% | 66.3M |
| 14 | PATH | $10.53 | +6.04% | 63.0M |
| 15 | NWL | $5.82 | -1.19% | 57.9M |
| 16 | MU | $1132.33 | -6.69% | 84.4M |
| 17 | NFLX | $73.81 | +4.10% | 71.1M |
| 18 | T | $22.72 | +1.34% | 84.8M |
| 19 | KDP | $33.40 | +2.71% | 53.6M |
| 20 | BB | $11.40 | +10.25% | 53.7M |
| 21 | BBD | $3.46 | +3.28% | 51.7M |
| 22 | PLTR | $112.93 | +5.28% | 60.0M |
| 23 | CSCO | $113.77 | -4.37% | 50.1M |
| 24 | GRAB | $3.55 | +2.60% | 46.3M |
| 25 | MARA | $14.54 | +4.76% | 55.1M |
Market data from Yahoo Finance; insider data from SEC EDGAR Form 4. For research only — not investment advice. Verify on the official source before trading.
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