Falcon’s View – Week ending 6 Feb 2026
Performance
• S&P 500: –0,1 %
• Nasdaq 100: –1,87 %
• My portfolio: –6,93 % (USD) / –5,84 % (SEK)
Market pulse
U.S. equities finished mixed–the S&P 500 was essentially flat (−0.1%) while the tech-heavy Nasdaq fell (−1.9%) and the Dow gained (+2.5–but the week was defined by a sharp shift in leadership. Selling pressure centered on mega-cap tech and software as investors reassessed the “AI trade,” balancing evidence of strong demand against worries that AI could intensify competition for software firms and that hyperscalers’ accelerating AI capital spending (highlighted by Alphabet and Amazon) may pressure near-term returns, before semiconductors rebounded strongly into Friday’s rally. Macro and policy headlines added to volatility, including the Fed’s decision to keep rates at 3.50%–3.75% and continued uncertainty around the Fed’s leadership transition, while softer labor indicators (JOLTS/jobless claims) pushed Treasury yields lower and supported rotation into industrials, energy, and staples.
Crowd vs. price
Relative investor interest in most of the names on my list increased despite the volatility and price decline.
Holdings & Watchlist Notes
Intel (INTC) : +8,87%
The gain was driven by a combination of AI-infrastructure tailwinds and Intel-specific supply/pricing signals. The key catalyst late in the week was fresh evidence that the AI buildout is straining server CPUs as well as GPUs: Reuters reported Intel warning Chinese customers of up to six-month lead times and server product price increases generally above 10%, reinforcing expectations for stronger pricing in Intel’s data-center CPU lineup. The move was amplified by a sharp semiconductor-sector rebound as investors refocused on chip beneficiaries of hyperscaler AI spending, and it was supported by renewed strategic messaging after Intel’s CEO said the company plans to build data-center GPUs and highlighted momentum around its foundry roadmap.
• Relative crowd interest: Trend: upwards. Momentum: bullish.