Nasdaq rode the cloud higher while chips took a breather

The Nasdaq climbed 1% and the S&P 500 added 0.70%, and today the US market wore a quiet smile. Cloud names did the heavy lifting — they rallied hard and stretched the Nasdaq's gain, while semiconductors, oddly, slipped into the red. The irony: word came out that China's AI unicorn Moonshot AI just landed 20,000 Nvidia chips through Alibaba, a sign the AI boom is still running hot, yet it did nothing for US chip stocks today. Around the same time I heard Korea's Kospi bounced back on a semiconductor rally, which reminded me the AI/chip demand story doesn't respect borders — it's swinging markets everywhere. With exports and employment still holding up the real economy and currency/commodity conditions staying friendly, today's gain feels less like noise and more like a continuation of the same gentle uptrend. Trusting that friendly commodity backdrop, I picked up Freeport-McMoRan (FCX) today.