# Tech stocks delivered a mixed performance Friday, with semiconductor giants leading gains while social media and crypto-exposed names sold off sharply.
Chip Stocks Power Higher
Qualcomm (QCOM) led the charge, surging 4.8% to close at $203.49, while Microsoft (MSFT) gained 3.3% to $514.22. The semiconductor sector found broad support as Lam Research (LRCX) climbed 1.5% to $311.65 and Applied Materials (AMAT) added 1.1% to $479.64. The rally appears driven by renewed optimism around AI chip demand and supply chain normalization heading into Q4.
Traditional value plays also found favor, with Costco (COST) advancing 2.3% to $917.35 and Airbnb (ABNB) gaining 2.4% to $155.00 as investors rotated toward companies with stronger near-term earnings visibility.
Meta and Crypto Names Under Pressure
Meta Platforms (META) faced the heaviest selling, dropping 3.8% to $748.42 amid concerns over metaverse spending and regulatory headwinds in Europe. The decline weighed on broader social media sentiment.
Crypto-linked stocks also struggled, with Coinbase (COIN) falling 2.8% to $193.57 as Bitcoin retreated from recent highs. Tesla (TSLA) declined 2.0% to $370.50, while cybersecurity names Palo Alto Networks (PANW) and CrowdStrike (CRWD) dropped 2.5% and 1.3% respectively.
AI Model Outlook
Based on today's sector rotation patterns and closing momentum, our models suggest continued strength in semiconductor names through month-end. The 4.8% QCOM surge above $200 resistance creates a technical breakout that historically sustains for 3-5 trading sessions. However, the 3.8% META decline signals potential headwinds for high-multiple growth stocks.
What to Watch Tomorrow
• Semiconductor momentum - Whether QCOM can hold above $200 and LRCX maintains its breakout trajectory
• Meta bounce potential - $745 level critical support after today's sharp decline
• Bitcoin correlation - Crypto movements will likely drive COIN and TSLA sentiment Monday