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Nasdaq Record Print, Chips Extend, Software Sold; AMD at $1T

Nasdaq — a record print at 27,272, chips extend, software sold from its highs; AMD joins the trillion club

The Composite traded to 27,272.73 this morning, 82 points above the intraday record it set in June and the one it missed by six points on Monday; it sits at 27,203.80, up 0.30%, while the Dow is down 0.59%. Chips extend — memory leads with SanDisk +5.2% and Micron +3.4% — and software is sold from new highs: Intuit −5.1%, Adobe −3.8%, Salesforce −2.6%, Microsoft −1.3%, with the cyber and cloud funds red after both printed 52-week highs at the open. AMD is $1.01 trillion at $619.63.

In this edition

QQQ SPY DIA IWM AMD NVDA AVGO MU

The Midday 10 Tue, Sep 22, 2026 ~60 seconds 12:30 ET

The Nasdaq Composite did this morning what it could not do on Monday: it traded at a new all-time high. The print was 27,272.73, 82 points above the 27,190.21 that had stood since June and the level Monday's session missed by six points. At the time of writing the index has eased to 27,203.80, up 0.30% on the day, and the Nasdaq 100 is up 0.45% at 30,619.68 with its own June high 0.5% away.

Underneath, the tape has split cleanly in three. The chips extend: SOXX +1.15%, SMH +0.82%, the memory basket +1.78%, with SanDisk +5.2% to $1,861.97 and Micron +3.4% to $1,077.26 leading after two red days for the former. Arm +1.6%, Qualcomm +1.0%, Intel flat, Nvidia +0.6%; the equipment names sit within half a percent either way.

Software is being sold — and sold from strength. Intuit is −5.1% after opening at $310.50 and trading at $288.58; Adobe −3.8% from a $254.67 high; Salesforce −2.6%; Workday −1.9%; ServiceNow −1.5%; Microsoft −1.3% from a $508.50 high. The cybersecurity fund printed a new 52-week high at the open and is −1.3%; the cloud fund did the same and is −0.6%. Yesterday's leaders are handing off, and the handoff is visible in a single session.

And AMD is a trillion-dollar company. At $619.63 the market value is $1.01 trillion on 1.632 billion shares; it closed above the line on Monday at $615.95, and today's high of $622.00 is a new 52-week high. Say hello to the club — it now has eighteen members, and the desk's T1 Index has been updated to admit AMD from Monday and SpaceX from its June listing.

US midday, intraday quotes (delayed, ~11:36 ET); Europe's closing levels; Tokyo closed for the second of three public holidays, Seoul and Taipei closed for the day. Bitcoin, copper, gold, Treasury yields, the dollar, the yen and volatility live at 15:36–15:37 UTC. Intraday prints are not closes. Moves are measured against Monday's closes from the Closelook data lake. Market capitalisations use fixed share counts (AMD 1,632,475,042; SpaceX ~12.96bn all classes). Board figures are the AI-Order board's 12:00 UTC run on today's bars. Drivers attributed to outside reporting are marked as such and are not independently verified.

  1. Nasdaq Composite 27,203.80 (+0.30%) after a 27,272.73 print — 82 points above the June intraday record and the first record trade since then; Nasdaq 100 30,619.68 (+0.45%), S&P 500 7,759.13 (−0.07%), Dow 51,741.35 (−0.59%), Russell 2000 2,885.93 (+0.37%)
  2. AMD $619.63 (+0.60%), a $1.01 trillion company on 1,632,475,042 shares — the $1T line is $612.57, Monday's $615.95 close was the first above it, today's $622.00 high is a new 52-week high; the T1 Index admits AMD from Monday and SpaceX from its June listing, eighteen members
  3. Chips extend and rotate inside: SOXX 565.88 (+1.15%), SMH 601.48 (+0.82%), memory basket 62.67 (+1.78%); SanDisk $1,861.97 (+5.2%, high $1,909.48) and Micron $1,077.26 (+3.4%) lead, Arm +1.6%, Qualcomm +1.0%, Marvell +2.0%, Nvidia +0.6%, Intel unchanged; equipment flat — Applied −0.2%, Lam +0.3%, KLA +0.3%, ASML +0.7%
  4. Software sold from strength: Intuit $288.58 (−5.1% from a $310.50 open), Adobe $240.12 (−3.8%, high $254.67), Salesforce $230.20 (−2.6%, high $242.42), Workday −1.9%, ServiceNow −1.5%, Microsoft $495.00 (−1.3%, high $508.50), Palo Alto −1.2%, CrowdStrike −1.0%, Snowflake −0.8%; IGV 106.00 (−1.1%, high $108.44); Palantir +0.5%, Oracle $150.10 (+1.0%) above its $148.35 line
  5. This morning's ladder reverses: CIBR 101.78 (−1.3%) after a 103.66 print — a new 52-week high — and CLOU 28.77 (−0.6%) after 29.365, also a new high; IGV −1.1%; against SOXX +1.15%, SMH +0.82%, DRAM +1.78%; ARKK 91.60 (+1.0%), 1.1% from its high
  6. Breadth: Dow −0.59% and 5.5% below its high, equal-weight S&P −0.14%, ex-technology Nasdaq +0.32%, Russell +0.37%; Board A at 12:00 UTC — breadth clean at 81% above the 50-day (13 of 16), dispersion fired at 24.76% against a 19.67% floor, both wider than Monday's 69% and 23.89%
  7. Mega-caps split three-two: Meta $750.98 (+1.3%, high $757.27) into Connect tomorrow, Apple $342.97 (+1.2%) after touching $345.34 — its 52-week high — and Alphabet $357.12 (+0.6%); against Microsoft −1.3% and Amazon $255.19 (−1.3%)
  8. Ten-year 4.959% (−0.4bp), TLT −0.2%, VIX 14.31; dollar index 100.60 (+0.2%), yen 157.44 per dollar — weaker again after Friday's Bank of Japan increase; copper $6.835 (+2.2%) after touching $6.871, its 52-week high; gold $4,371.70 (−0.3%), bitcoin $86,364 (−0.4%), IBIT −0.2%, MicroStrategy +0.3%, Coinbase −0.6%
  9. Europe closes green and quiet: Euro Stoxx 50 6,333.23 (+0.24%), DAX 25,615.32 (+0.16%), CAC 8,160.42 (+0.26%), FTSE 10,721.49 (−0.16%); Tokyo shut for the second of three days, Seoul closed +0.62% at 7,051.26 after a 7,171.44-to-6,986.27 round trip, Taipei +0.17% with TSMC −0.8%
  10. The rest of the week: Meta Connect and Cintas on Wednesday; BlackBerry, Costco, the Trump–Xi meeting and Tokyo's reopening on Thursday; the chart pick scores Friday with Taipei closed; bitcoin's 82,139 weekly-close line is marked Sunday; Micron reports 30 September with Korea's customs print as the advance read — and SpaceX, $153.69 (+1.2%), sits at $1.99 trillion, 32% below its June peak

The ten lines

  1. 1

    UP Nasdaq Composite 27,203.80 (+0.30%) after a 27,272.73 print — 82 points above the June intraday record and the first record trade since then; Nasdaq 100 30,619.68 (+0.45%), S&P 500 7,759.13 (−0.07%), Dow 51,741.35 (−0.59%), Russell 2000 2,885.93 (+0.37%)

    QQQSPYDIAIWM

    Monday's record close came without a record trade, six points short. This morning closed that gap: 27,272.73 is the highest price the Composite has ever traded, 0.30% above the June mark. The index has given back a third of the morning's gain since, which is normal on a record day and not a signal either way. What is worth holding is the shape around it — the Nasdaq 100 up more than the Composite, the S&P flat, the Dow down more than half a percent and 5.5% below its own high. A record at the top of the market and a decline at the broad end of it, on the same morning, is the same picture as Monday, one day older.

  2. 2

    UP AMD $619.63 (+0.60%), a $1.01 trillion company on 1,632,475,042 shares — the $1T line is $612.57, Monday's $615.95 close was the first above it, today's $622.00 high is a new 52-week high; the T1 Index admits AMD from Monday and SpaceX from its June listing, eighteen members

    AMDNVDAAVGOMUSPCX

    Say hello to the club. AMD crossed on Monday's close — $1.006 trillion — and confirmed it this morning with a new high at $622.00, or $1.015 trillion. Reporting counts it as the fourth US chip company to reach the mark after Nvidia, Broadcom and Micron; Micron checks out at $1.15 trillion on 1.13 billion shares. The desk's T1 Index, the equal-weight basket of every stock that has ever closed at or above one trillion dollars, has been rebuilt this afternoon to admit AMD from 21 September and SpaceX — listed as SPCX on 12 June at roughly $2.1 trillion, $1.99 trillion at $153.69 today — from its first trading day. Sixteen members become eighteen, and the index resets to equal weight on each crossing, so the history from June is restated; that is the method working, not a revision of opinion.

  3. The Print Record Beat histories against how the stock actually traded — one earnings name per day, all season. Open the Print Record →
  4. 3

    UP Chips extend and rotate inside: SOXX 565.88 (+1.15%), SMH 601.48 (+0.82%), memory basket 62.67 (+1.78%); SanDisk $1,861.97 (+5.2%, high $1,909.48) and Micron $1,077.26 (+3.4%) lead, Arm +1.6%, Qualcomm +1.0%, Marvell +2.0%, Nvidia +0.6%, Intel unchanged; equipment flat — Applied −0.2%, Lam +0.3%, KLA +0.3%, ASML +0.7%

    SOXXSMHDRAMMUSNDKARMQCOMINTC

    Monday's leg was the CPU complex; this morning's is memory. SanDisk, the only red chip on Friday and Monday, is the best name in the group, and Micron is up 3.4% eight sessions before it reports. Arm and Qualcomm carry on; Intel, up 12% yesterday, is flat, which after a move that size counts as holding. The equipment layer has not joined — the three US names and ASML are inside half a percent of unchanged — so the complex is still rotating within itself rather than lifting together. SOXX remains 13.7% below its 52-week high after this morning's gain, SMH 10.5%, the memory basket 23.0%: the room we described this morning is being used, and most of it is still there.

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C · line 11 · members

Today in line 11: the desk's read on a record that arrived in three pieces — the print at 27,272 that closed Monday's six-point gap, the chips using the room we measured this morning, and software being sold from new highs in the same hour — why a handoff inside technology on a record day is a different object from a top, what the board's two tripwires moving apart actually says, and why AMD's trillion is the club's fifth addition of a year that has restated the meaning of the word.

The privileged, actionable read — what we do, and at which level — is in line 11, for members only.

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Further reading on Closelook

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.