Earnings season splits: AI infrastructure soars, software stumbles — July 23, 2026
S&P 500 -0.14% · Nasdaq -0.57% · Dow -0.01% · VIX 16.6 — July 23, 2026
The market eked out a loss today—S&P 500 down 0.14%, Nasdaq down 0.57%—but the real story wasn't the index moves. It was the violent divergence between who's winning and who's not in earnings season. Breadth was barely negative (47 up, 53 down in the top 100), masking a sharp sectoral split: semiconductor and infrastructure plays blew higher while enterprise software tanked.
Super Micro Computer surged nearly 20% on what appears to be Nvidia/hyperscaler tailwinds in the wake of broader earnings beats—Q2 earnings actually hit 5-year highs on strong guidance. NovaGold jumped 10% on a $4.2B Donlin Mine takeover deal. Crypto-adjacent infrastructure plays like Riot (up 8.8%) and Cipher Digital (up 6.9%) caught a bid alongside a crypto market decline, suggesting someone's betting on oversold conditions or macro shifts. Energy also shrugged off the broader funk: EQT rallied 8.5%.
But software got hammered. Pegasystems cratered 16% on an earnings miss and delayed AI rollout reset. ServiceNow fell 6.5% ahead of its own major earnings test. UiPath slid 11%. Even after factoring in today's breadth, enterprise automation is clearly repricing on execution concerns. Palantir dropped 6.1% despite Peter Thiel's tax-shelter billionaire party making headlines—a sign that insider narratives matter less than actual guidance right now.
No insider cluster buys showed up in our database today, so no bottom-fishing signal from the C-suite on these wounded names yet. That absence itself is worth watching.
Market commentary generated from the day's data and headlines — not investment advice.
Biggest moves today
- SMCI (Super Micro Computer, Inc.) ▲ +19.84% at $30.56 on 162.1M shares — Micron, Nvidia, Netflix, SK Hynix, Alphabet, Intuitive Surgical, and More Stocks That Explain Today’s Market (Barrons.com)
- PEGA (Pegasystems Inc.) ▼ -16.00% at $25.99 on 14.0M shares — Is Pegasystems (PEGA) A Bargain As Earnings Misses And AI Rollout Reset Expectations? (Simply Wall St.)
- PATH (UiPath, Inc.) ▼ -11.13% at $10.70 on 103.9M shares — UiPath (PATH) Dips More Than Broader Market: What You Should Know (Zacks)
- NG (Novagold Resources Inc.) ▲ +10.30% at $6.21 on 25.1M shares — NovaGold (NG) Jumps 10.3% on $4.2B Donlin Mine Takeover (Insider Monkey)
- RIOT (Riot Platforms, Inc.) ▲ +8.79% at $23.38 on 27.8M shares — Is Cipher Digital Stock A Smart Buy As It Builds Its Hyperscale Future? (Trefis)
- EQT (EQT Corporation) ▲ +8.45% at $54.01 on 17.8M shares — Why EQT Corporation Rallied Today (Motley Fool)
- CIFR (Cipher Digital Inc.) ▲ +6.86% at $24.46 on 24.3M shares — Is Cipher Digital Stock A Smart Buy As It Builds Its Hyperscale Future? (Trefis)
- SPCX (Space Exploration Technologies ) ▼ -6.70% at $115.26 on 90.2M shares — Tesla Inc (TSLA) Q2 2026 Earnings Call Highlights: Record Deliveries and Strategic Investments ... (GuruFocus.com)
- NOW (ServiceNow, Inc.) ▼ -6.47% at $95.46 on 32.7M shares — ServiceNow gets bearish call before major earnings test (TheStreet)
- PLTR (Palantir Technologies Inc.) ▼ -6.10% at $124.57 on 38.1M shares — Peter Thiel Turned a $2,000 Roth IRA Into $5 Billion and Will Never Owe a Penny of Tax. The Same Rules Apply to Your Account (24/7 Wall St.)
Most active by volume
| # | Ticker | Price | Change | Volume |
|---|---|---|---|---|
| 1 | T | $23.04 | +3.50% | 187.2M |
| 2 | ONDS | $8.00 | +4.44% | 171.9M |
| 3 | SMCI | $30.56 | +19.84% | 162.1M |
| 4 | AAL | $14.79 | -3.21% | 118.2M |
| 5 | NVDA | $212.06 | +2.30% | 128.2M |
| 6 | PATH | $10.70 | -11.13% | 103.9M |
| 7 | OPEN | $4.38 | -2.23% | 95.4M |
| 8 | NU | $14.51 | +0.83% | 94.4M |
| 9 | SOFI | $17.07 | -3.23% | 89.3M |
| 10 | NOK | $10.28 | -3.29% | 85.7M |
| 11 | SPCX | $115.26 | -6.70% | 90.2M |
| 12 | INTC | $102.62 | -2.68% | 76.8M |
| 13 | F | $14.42 | +1.05% | 61.8M |
| 14 | CDE | $15.84 | +3.53% | 49.5M |
| 15 | RIG | $5.30 | +1.15% | 42.5M |
| 16 | MARA | $12.41 | +1.31% | 42.4M |
| 17 | NFLX | $68.53 | -0.20% | 44.7M |
| 18 | AMC | $2.25 | +2.27% | 41.2M |
| 19 | JOBY | $7.63 | -0.39% | 39.8M |
| 20 | SMR | $8.68 | -0.34% | 37.8M |
| 21 | SOUN | $6.46 | -1.45% | 36.8M |
| 22 | BBD | $3.73 | +1.91% | 36.3M |
| 23 | ACHR | $5.18 | -1.89% | 36.9M |
| 24 | HL | $15.69 | +2.62% | 36.2M |
| 25 | BMNR | $17.74 | +2.96% | 35.0M |
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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