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The tech sell-off has teeth this morning, and the memory and chip names that led the market higher are now leading it lower. A report that one of AI's marquee names may push its IPO into 2027 is rippling through the semiconductor complex, while a multibillion-dollar acquisition is punishing the buyer rather than rewarding the ambition.

The handful of names in the green are the ones with something concrete to point to: a deal premium, a government contract, a bounce off a brutal session. Today, specificity is the only thing keeping a stock out of the red.

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The notes are not suitable for all investors and are intended to be a daily trading tool for sophisticated investors. An investment in the notes is subject to significant risks. You should proceed with caution in considering an investment in the notes.

Synaptics (SYNA): +5%

Synaptics is rising as the target of On Semiconductor's nearly $7 billion all-stock takeover. When a deal gets announced, the acquired company typically pops toward the offer price while the acquirer takes the hit, and that is exactly the split playing out here.

Rocket Lab (RKLB): +1%

The aerospace name caught a bid after NASA tapped it to handle launch services for two upcoming science missions, one studying the Sun's energy input into Earth and another focused on the planet's ice clouds. In a brutal tape for high-beta tech, a government contract win is exactly the kind of concrete, non-hype catalyst that lets a stock buck the sell-off.

Apple (AAPL): +1%

Apple is clawing back after its worst session in over a year, when it dropped more than 6% on news that it hiked prices across its device lineup to offset rising memory and storage costs. The bounce is modest, and the underlying problem, that the memory supercycle is now showing up as a cost line on Apple's income statement, hasn't gone anywhere.

On Semiconductor (ON): -14%

On is getting hammered after announcing its largest acquisition ever, the all-stock purchase of Synaptics, which it says expands its total addressable market by $30 billion. A drop this size on a deal signals the market thinks On is paying up and stretching, and shareholders are voting against the dilution before the synergies ever show up.

SanDisk (SNDK): -6%

SanDisk is sliding as the broader tech sell-off rolls into the memory complex. This is the other side of the supercycle trade: after a monster run, names like this trade as high-beta sentiment vehicles, and when risk appetite turns, they fall faster than the market.

Arm Holdings (ARM): -5%

Arm is down roughly 5% as the chip sell-off deepens, pressured further by a New York Times report that OpenAI may push its IPO out to 2027. Any sign that the AI buildout's biggest names are slowing their timelines reads as a headwind for the entire semiconductor supply chain.

Marvell Technology (MRVL): -5%

Marvell is falling alongside Arm on the same OpenAI IPO-delay report. As a core AI infrastructure play, Marvell lives and dies on the market's conviction that hyperscaler spending keeps accelerating, and today that conviction is wobbling.

Trade memory chip makers and other AI leaders in 1 ETN. +3X AIQU now trading.

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The notes are not suitable for all investors and are intended to be a daily trading tool for sophisticated investors. An investment in the notes is subject to significant risks. You should proceed with caution in considering an investment in the notes.

Wendy's (WEN)

A since-deleted r/wallstreetbets post urging traders to "save Wendy's" turned the beaten-down burger chain into this week's meme-stock target, sending shares up as much as 42% intraday on Wednesday before they faded back. The pitch circulating across Reddit and StockTwits is a classic short-squeeze setup: heavy short interest, a depressed price, activist Nelson Peltz weighing his options on a sizable stake, and a fresh leadership team, including a new CFO, that retail is framing as a turnaround catalyst.

After the Thursday reversal, WEN is sitting quietly rather than ripping in premarket, which is what makes it worth watching today. Whether Wednesday was the start of something or the entire move is the open question, and the next session should offer an answer.