Chips take a hit, but the index shrugs it off

Right out of the New York open, the S&P 500 is sitting at 7,538.91 (+0.66%) and the Nasdaq at 25,591.41 (+0.86%). Cloud names are doing the heavy lifting today while chip stocks lag behind — word that China's biggest memory maker, CXMT, is building out another plant in Beijing seems to be weighing on semiconductors across the board. Yesterday's Korean session had its own wild split, the KOSPI down -5.12% while the KOSDAQ climbed +2.44%, and that divide feels like an odd echo of today's chips-down, cloud-up pattern here in the US. The won slipped a bit further past 1,420, extending its weakness. On my own book, Microsoft's holding up nicely at +23.7% while Nvidia's wearing the chip weakness at -4.1% in unrealized terms. Into the close, I'm watching whether the cloud strength keeps outmuscling the chip drag or not.