Overview
U.S. stocks closed higher on Friday, February 6, 2026. I describe the session as “a rebound driven by a reassessment of AI fears and Big Tech spending risks.” Concerns that dominated earlier in the week began to ease, allowing investor sentiment to stabilize.
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Index Performance
- S&P 500: climbed 2%, recovering a large portion of the week’s losses.
- Dow Jones: surpassed 50,000 points for the first time ever.
- I view this week as reminiscent of the early-2025 “DeepSeek shock,” marked by sharp swings in sentiment.
What Drove Volatility This Week
- Early in the week, new automation tools released by Anthropic triggered selling across software, financial services, and asset management.
- That shock spread broadly but faded as investors recalibrated expectations later in the week.
- Another critical factor was the scale of Big Tech capital expenditures.
Big Tech Spending & Beneficiaries
- The four largest U.S. tech companies are projected to spend $650 billion on capex in 2026, up roughly 60% year over year.
- Despite solid operating results, the surge in spending weighed on some Big Tech stocks.
- In contrast, AI infrastructure suppliers benefited directly. Nvidia and Broadcom surged about 8% and 7%, respectively.
Nvidia CEO Commentary
Nvidia CEO Jensen Huang told CNBC that AI infrastructure buildout is likely to continue for the next seven to eight years. Even beyond that, he expects investment to shift toward infrastructure replacement, sustaining a more moderate but durable growth phase.
Lingering Software Concerns
Despite the broader rebound, fears that AI could structurally disrupt the software industry persist. Some major software stocks, including ServiceNow, remained under pressure on Friday.
Economic Data & Sentiment
- Consumer sentiment improved to its highest level in six months.
- One-year inflation expectations fell to their lowest level since January 2025, easing inflation-related anxiety.
- I believe these data points helped reassure markets that worst-case scenarios may be avoided.
Analyst Perspectives
- The emotionally driven deleveraging earlier this week appears to be a normal and healthy correction.
- Macro conditions and corporate earnings remain broadly supportive.
- Massive AI investments are expected to deliver substantial revenue and profit to vendors supplying hyperscalers, while also providing a boost to the broader economy.
Bottom Line
In my view, this rebound does not negate the challenges facing the tech sector, but it suggests the market is moving toward a more balanced reassessment. The current phase looks less like the start of a tech collapse and more like a recalibration of expectations after excessive fear.
