# Market Recap: August 11, 2026
Tech stocks painted a mixed picture today as cybersecurity names surged while semiconductors took a beating, highlighting growing sector rotation within the broader technology space.
Cybersecurity and streaming led the charge higher. Palo Alto Networks (PANW) powered ahead +5.8% to close at $385.04, while CrowdStrike (CRWD) gained +5.0% to $225.16 as enterprise security spending showed no signs of slowing. Intuitive Surgical (ISRG) climbed +3.8% to $393.38 on strong surgical robot adoption trends, and Airbnb (ABNB) rose +3.7% to $184.70 following positive travel demand data. Netflix (NFLX) added +2.9% to $76.29 as streaming momentum continued.
Semiconductor stocks bore the brunt of selling pressure. Intel (INTC) plunged -4.1% to $97.52 leading chip declines, followed by Qualcomm (QCOM) down -3.4% to $162.17 and Applied Materials (AMAT) falling -3.2% to $522.12. Even AI darlings weren't spared—NVIDIA (NVDA) dropped -2.9% to $217.55 and AMD slid -2.9% to $469.56. Memory giant Micron (MU) declined -1.9% to $861.00, while design software leader Cadence (CDNS) fell -2.2% to $331.91. The semiconductor selloff appeared driven by profit-taking after recent gains and concerns about inventory cycles.
AI Market Outlook: Our models indicate continued sector rotation within tech, with defensive tech names like cybersecurity likely to outperform cyclical semiconductor plays in the near term. The 60% probability points to further semiconductor weakness as valuations remain stretched despite recent pullbacks.
What to Watch Tomorrow:
• Semiconductor earnings guidance from key players could stabilize or accelerate the sector selloff
• Enterprise software spending data release at 8:30 AM EST may boost cybersecurity momentum
• Fed regional manufacturing surveys for clues on tech hardware demand trends