{"id":237475,"date":"2026-01-15T13:00:40","date_gmt":"2026-01-15T18:00:40","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=237475"},"modified":"2026-01-16T05:33:55","modified_gmt":"2026-01-16T10:33:55","slug":"add-some-good-tech-news-and-up-we-go","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/add-some-good-tech-news-and-up-we-go\/","title":{"rendered":"Add Some Good Tech News, and Up We Go"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/not-as-bad-as-it-looks\/\">Yesterday we noted<\/a> that the relatively sizeable declines in major US indices were not as bad as they appeared on the surface.&nbsp; Although substantial declines in major tech stocks pushed the S&amp;P 500 (SPX) and Nasdaq 100 (NDX) down by -1% or more, there were positive divergences that indicated the selling was more isolated than it superficially seemed.&nbsp; Today, thanks to well-received earnings from Taiwan Semiconductor (TSM), we see what happens when tech resumes its leadership.<\/p>\n\n\n\n<p>Like almost every other major company, TSM beat its consensus EPS expectation.&nbsp; (Remember, it is typical for 75-85% of major companies to do that in any given quarter.)&nbsp; But as we\u2019ve asserted numerous times before, an EPS beat is a necessary, but not sufficient, condition for a post-earnings rally.&nbsp; TSM is not trading 7% higher simply because its EPS of 97.5 NTD exceeded the 90.60 consensus by 7%, even if that was a 35% rise from a year ago.&nbsp; It is trading higher because they expressed enthusiasm for their ongoing prospects by announcing that TSM\u2019s capital spending could be as high as $56 billion USD this year, well above analysts\u2019 expectation of $46 billion.<\/p>\n\n\n\n<p>On the surface, it might seem odd to reward a company simply because it\u2019s spending more money than anticipated, but there are two major positive takeaways when a key semiconductor manufacturer makes an announcement of that sort.&nbsp; First, only a thriving company can afford to spend even more billions than it was already planning to.&nbsp; Second, that money will be spent with key suppliers, boosting their prospects as well.&nbsp; Spending upon all things related to artificial intelligence has been a key driver of the bull market, and TSM\u2019s announcement offers an assurance that those dollars will not just continue to flow but will continue to grow.<\/p>\n\n\n\n<p>The prospect of increased AI spending has boosted a range of other semiconductor stocks.&nbsp; The PHLX Semiconductor Index (SOX) is about 3.5% higher at midday, led not only by TSM, but by a wide range of perceived beneficiaries like KLA (KLAC), Applied Materials (AMAT), ASML, ARM Holdings (ARM), and Nvidia (NVDA).&nbsp; The last one is key.&nbsp; If the largest stock in major indices is 3% higher, then that does a lot of heavy lifting.<\/p>\n\n\n\n<p>We noted yesterday that 9 of the top 10 symbols in NDX were trading lower.&nbsp; Today, 8 of 10 are trading higher, with only both classes of Alphabet (GOOGL, GOOG) in the red.&nbsp; At the same time, many of the positive trends that were underlying yesterday\u2019s declines remain in place.&nbsp; The Russell 2000 (RTY) was up 0.7% yesterday; it\u2019s up +1.25% at midday today.&nbsp; Even at its worst, before markets staged a late rally that erased about half of SPX\u2019s and NDX\u2019s losses in the last half hour, advancing stocks were outpacing decliners on both the NYSE and Nasdaq.&nbsp; That remains the case today, though with far greater margins.&nbsp;<\/p>\n\n\n\n<p>Notably, when tech leads, other speculative darlings can take a breather.&nbsp; Silver and cryptocurrencies are trading lower, probably because speculators are focusing on their favorite tech stocks in lieu of these other asset classes.&nbsp; Oil is sharply lower, by about 5%, after threats to interfere in Iran have faded, yet so are Treasury bond prices as some flight-to-safety trades fade along with the lower tensions.&nbsp; And perhaps thanks to the good vibes from TSM, the three SPX components that reported today \u2013 Blackrock (BLK), Goldman Sachs (GS), and Morgan Stanley (MS) \u2013 are all trading substantially higher.&nbsp;<\/p>\n\n\n\n<p>We saw what happened yesterday when investors were in a generally decent mood despite some selling in tech stocks.&nbsp; Today we see what happens when tech leads the way.&nbsp; Tech in general, and AI in particular, remain the key to the equity market\u2019s zeitgeist.&nbsp; Good news from that sector keeps the stock market humming.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday we noted that the relatively sizeable declines in major US indices were not as bad as they appeared on the surface.\u00a0 Although substantial declines in major tech stocks pushed the S&amp;P 500 (SPX) and Nasdaq 100 (NDX) down by -1% or more, there were positive divergences that indicated the selling was more isolated than it superficially seemed.\u00a0 Today, thanks to well-received earnings from Taiwan Semiconductor (TSM), we see what happens when tech resumes its leadership.<\/p>\n","protected":false},"author":4,"featured_media":234158,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[14700,6,8,9,22,26,3],"tags":[],"contributors-categories":[13576],"class_list":{"0":"post-237475","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Add Some Good Tech News, and Up We Go | 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He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/investment-prediction-featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/237475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=237475"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/237475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/234158"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=237475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=237475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=237475"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=237475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}