It was one of the most eventful weeks of the year, and the market ended it firmly in the green. Over the five sessions, the S&P 500 gained roughly 2%, the tech-heavy Nasdaq climbed about 2.8%, and the Dow rose around 1.6%. But the index numbers barely hint at the drama underneath, which was all about artificial intelligence, chips, and one very large rocket company. Here is the week that was.
Monday and Tuesday: the AI rally ignites
The week opened with a bang. Monday delivered a broad tech-led rally, and Tuesday poured fuel on the fire. Palantir (PLTR) rocketed roughly 29% in a single day on a blockbuster earnings report, and the entire semiconductor complex ripped higher alongside it, with names like Intel, Micron and AMD jumping. It was the AI trade at full throttle.
Wednesday: the earnings whipsaw
Midweek brought a violent reminder that earnings season cuts both ways. Shopify (SHOP) soared about 20% on its results, while a string of others were hammered: Lucid, Snap, Pinterest and Uber all fell hard, and even AMD gave back some gains. The indexes looked calm, but underneath it was chaos.
Thursday: SpaceX picks Nvidia
Then came the deal of the week. Elon Musk announced that SpaceX (SPCX) will build its entire AI infrastructure exclusively on Nvidia (NVDA) chips, snubbing AMD in the process, all on the day SpaceX's post-IPO lockup expired. We covered the full story and what it means in SpaceX Picks Nvidia Over AMD.
Friday: a strong finish
The week closed on a high note, with tech leading again. SpaceX rebounded about 13% off its lockup lows, Palantir added another 9%, and risk appetite carried into the weekend.
Where This Leaves Investors
If one theme defined the week, it was that the AI and space trades still command the market's attention like nothing else. The winners (SpaceX, Palantir, Shopify, the chipmakers) were spectacular, and the losers were brutal, a reminder that in a momentum-driven tape the swings go both ways. With the group ending the week strong and no sign of the enthusiasm fading, all eyes turn to whether next week can keep the run going. Screen the full market with our stock screener.
This article is for informational purposes only and is not financial advice. Always do your own research before investing. Previous market recap: Stock Market Today (August 5, 2026)
