Stocks on track for lower finish ahead of holiday-abbreviated week: The Big Picture Takeaway

The KOPSI warned semiconductor volatility was coming last night. The “spenders vs. receivers” divergence is sharpening, and the market is increasingly skeptical about the durability and ROI of unlimited hyperscaler AI capex. That said, today presents something of a short-term reversal of the dynamic with Semis down (-4.3%), Mega Caps (+1.3%) up with Software names…