What I’ll be watching in the stock market today
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AI infrastructure led Tuesday’s winners, with strength across computing, chips and optical networking.
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Salesforce and ServiceNow fell, as investors questioned how AI competition could affect established software businesses.
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Wednesday’s test: Do those winners hold their gains while software continues to lag?
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I’m also watching an early possible trend in utilities stocks
Tuesday’s technology trading raised a useful question for Wednesday, September 9: Are investors becoming more selective about which companies benefit from AI?
CoreWeave, AMD, Intel, Corning and Lumentum rallied, while Salesforce fell about 4% and ServiceNow lost about 5%. According to Reuters, concerns about AI competition weighed on software stocks. That split suggests a possible rotation within technology, although one session cannot establish a lasting trend. Reuters market recap
Why AI infrastructure and software can move in opposite directions
AI needs processors, computing capacity and fast connections between machines. Companies supplying those building blocks can potentially benefit across many competing AI applications.
Corning provided a concrete example: Verizon announced a multibillion-dollar agreement covering optical fiber and connectivity products from 2027 through 2032, supporting both broadband expansion and AI infrastructure. Verizon announcement
Established software companies face another question: Will AI create additional revenue, or make some existing software functions easier to replace? AI agents, which can perform multistep tasks, add urgency to that debate.
As investingLive explored in its earlier coverage of AI competition and software stocks, easier software creation can challenge existing business models. However, investor concern does not establish that those businesses will lose customers.
U.S. stocks to watch Wednesday
1. CoreWeave (CRWV): Does demand for AI computing keep attracting buyers?After Tuesday’s sharp rally, watch whether the shares hold their gains once regular trading begins. A strong opening followed by sustained selling would weaken the momentum case.
2. AMD and Intel (INTC): Do chip buyers return?AMD gained roughly 7%, while Intel rose about 9%. Intel’s catalysts included a Northland upgrade and reports of potential processor price increases. Watch whether both stocks defend early pullbacks, rather than relying on a higher opening alone. Intel catalyst report
3. Corning (GLW) and Lumentum (LITE): Does infrastructure strength extend beyond chips?Continued buying in fiber and optical networking would make the theme broader than a rally in a few processor makers.
4. Salesforce (CRM) and ServiceNow (NOW): Does software stabilize?Watch whether recovery attempts hold. Another session of weak rebounds would support the rotation interpretation; a sustained recovery would challenge it.
5. Chime (CHYM): Does its separate catalyst hold up?Chime rose about 9% after hours after raising revenue guidance and agreeing to acquire Stride Bank for $590 million in cash. The test is whether that enthusiasm survives the busier regular session. This is a company-specific story, separate from AI infrastructure. Chime announcement
What would confirm the AI rotation?
I would watch the performance gap between the groups, alongside the broader market.
Infrastructure stocks outperforming again while CRM and NOW lag would strengthen the rotation case. Infrastructure surrendering gains while software rebounds would suggest Tuesday’s split may have reflected temporary positioning.
Relative strength means doing better than a comparison group. A stock can show it even while falling, if the wider market falls more. That helps identify leadership, but does not by itself create a buying opportunity.
The lasting lesson: rotation can happen inside the same investment theme. Two “AI stocks” can react differently because they earn money in different ways. Wednesday’s opportunity is to test whether that distinction continues to drive trading, without assuming yesterday’s winners must win again.
I’m also monitoring how this week’s looming inflation data is capping volatility across risk assets, forcing major tokens into tight consolidation patterns. As Giuseppe Dellamotta at investingLive.com pointed out, Ethereum is currently trapped in a choppy range between the 2,360 support and 2,560 resistance levels on the daily timeframe, with market participants content to fade the edges until the upcoming US CPI release dictates the next structural breakout.
While crypto traders wait for macroeconomic clarity, the traditional equities side is gearing up for a massive liquidity event in the tech sector. According to Justin Low from investingLive.com, DeepSeek is preparing for a highly anticipated IPO on Shanghai’s STAR Market, a move that will serve as a critical benchmark to test if public investors are willing to absorb a massive $75 billion valuation amidst growing demands for genuine AI commercialization and sustainable returns.
Last but not least, the Nasdaq consolidates at key resistance as traders await the US CPI report.
This article was written by Itai Levitan at investinglive.com.