CXMT, Sandisk, ASML, SpaceX, D-Wave Quantum, Workday, and More Stocks That Explain Today's Market -- Barrons.com

By George Glover and Kit Norton

Chip stocks were selling off and weighing on major indexes following reports that a state-backed Chinese company has begun mass producing chip-making machines.

Those same semiconductor companies, and many artificial-intelligence names, also were under pressure Monday after Chinese memory chip maker ChangXin Memory Technologies'(CXMT) massive trading debut.

While CXMT soared 466% overseas, memory giants Micron and SK Hynix declined 3.9% and 7.9% in the U.S.

Memory-card maker Sandisk fell 12%, placing it at the bottom of the S&P 500. Western Digital dropped 5%. ASML Holding declined 6.6% and several other manufacturers of chip-making machines also moved lower.

KLA Corp. dropped 4.9%, Lam Research declined 6.5%, and Applied Materials fell 5.3%.

Chips and networking company Marvell declined 3.7% and Advanced Micro Devices fell 7.3%.

Intel and Super Micro Computer booked losses of 2.2% and 3.4%, respectively.

Nvidia dropped 5%. Late Sunday a report said the chip maker was in talks to guarantee $250 billion in financing for OpenAI for potentially the largest data-center project to date.

Broadcom moved 0.5% lower to $380.20 after the chip maker signed a memorandum of understanding to expand its relationship with Samsung Electronics. The companies expect the collaboration to be worth more than $200 billion over the next five years through 2030.

Outside of chips, these stocks also were making moves:

D-Wave Quantum soared 16% to $18.80. The Florida-based company unveiled an expanded partnership with AT&T to use its signature annealing quantum computers. Fellow quantum stocks IonQ and Rigetti Computing rose while Quantinuum traded lower.

Apple rose 0.7% to $335.34, pushing the iPhone maker's market capitalization to $4.93 trillion. If the move holds through the close, Apple will overtake Nvidia as the largest company by market value for the first time since May 2, 2025. Nvidia's market cap was at $4.77 trillion at last check.

SpaceX declined 4% to $110.44. Elon Musk's AI and space company completed a successful Starship test flight on Friday evening. Investors, however, seem to be getting frustrated with SpaceX stock trading.

Rocket Lab rose 1.8%. The mini-SpaceX was awarded a $266 million launch services contract with the U.S. Space Force for missile defense. The contract includes 12 suborbital launches, with up to six additional launches. The first launch is expected in 2026.

Tesla declined 1.8% to $307.57. Shares dropped 18% last week, including a near-15% drop on Thursday after the company reported weaker-than-expected second-quarter results. Coming into Monday, Tesla stock has declined 30% this year and 5% over the past 12 months.

Lower oil prices dragged down energy stocks. Chevron and ExxonMobil both declined 1.4%.

Workday gained 11%, leading the S&P 500, as several software stocks were outperforming chip names. Along with Workday, ServiceNow, Salesforce, Palantir Technologies, and several other software providers booked significant gains.

Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 27, 2026 14:42 ET (18:42 GMT)