This Week's Market Wrap: AI-Led Volatility, Inflation, And Late-Cycle Risk Signals

2026-02-21 03:00:00 ET

By By Ryan J. Puplava, CMT®, CTS™, CES™

Mega-Cap & AI Leadership Reasserts Itself Amid Volatility

Equity markets saw performance once again dictated by mega-cap technology and artificial intelligence infrastructure rather than broad macro conviction. Tuesday’s session encapsulated the tone: major indices finished marginally higher despite sharp intraday drawdowns, as early weakness in semiconductors and hyperscalers reversed into afternoon strength. Apple ( AAPL ) rallied more than 3% ahead of its March 4 product event, while NVIDIA ( NVDA ) and Broadcom ( AVGO ) helped erase a roughly 2.5% early decline in the PHLX Semiconductor Index. Beneath the surface, however, software remained heavy, with the iShares GS Software ETF falling over 2% as AI-driven disruption fears continued to weigh on enterprise multiples....

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