Enterprise AI software stocks staged one of their sharpest single-session outperformances of the year Tuesday as semiconductor hardware names suffered a broad rout, with ServiceNow Inc. (NYSE: NOW) gaining 4.79% and monday.com Ltd. (NASDAQ: MNDY) surging 6.08%. The S&P 500 edged up 0.21% to 7,428.78 while the Nasdaq Composite slipped 0.22% to 24,876.91; the VanEck Semiconductor ETF (SOXX) plunged 4.80% to 491.46, its steepest single-session loss in months, as Alphabet Inc. capex concerns and pre-earnings jitters across chip names amplified a rotation into revenue-generating AI platforms.
Top AI stocks today: July 28, 2026
| Ticker | Close | Day | 1mo | YTD |
|---|---|---|---|---|
| $MNDY | $87.09 | +6.08% | +18.33% | -39.28% |
| $NOW | $110.62 | +4.79% | +10.65% | -24.98% |
| $CRM | $181.50 | +4.55% | +14.92% | -28.44% |
| $GOOGL | $333.71 | +2.19% | -5.64% | +5.89% |
| $MSFT | $393.35 | +1.09% | +6.72% | -16.83% |
| $ACMR | $72.02 | -9.94% | -31.08% | +60.47% |
| $MU | $820.53 | -8.85% | -28.36% | +160.14% |
| $AMD | $454.62 | -8.15% | -15.73% | +103.44% |
| $DELL | $392.10 | -8.15% | -5.43% | +206.81% |
| $ARM | $244.74 | -8.11% | -28.77% | +113.32% |
AMD drops 8% ahead of August 4 earnings as options price a 12% swing
Advanced Micro Devices Inc. (NASDAQ: AMD) fell 8.15% to $454.62 Tuesday, its sharpest single-session loss in weeks, as the sector-wide chip rout converged with mounting pre-earnings uncertainty. Wall Street expects AMD to report Q2 revenue of $11.30 billion on August 4, up 47% year-over-year, yet options markets are pricing a 12.28% post-print swing in either direction, per TipRanks data. AMD has gained more than 103% year-to-date heading into the report, compressing upside in analyst targets: The Motley Fool noted Tuesday that the average price target of $570.60 across 51 analysts implies only 9% upside from current levels. The session also reflected sector-wide reassessment of capital-expenditure momentum following Alphabet Inc. capex commentary that sent investors questioning whether AI chip spending has pulled forward demand. AMD is now down 17.69% over five sessions, the steepest five-day decline among top AI chip stocks in our universe.
Micron and chip equipment stocks lead the semiconductor rout
Micron Technology Inc. (NASDAQ: MU) shed 8.85% to $820.53, deepening a correction from its late-June all-time high near $1,213. The HBM memory thesis that drove Micron's 160% year-to-date gain remains structurally intact, but Tuesday's de-risking ahead of Meta, Apple, and Amazon earnings injected uncertainty about near-term AI-memory demand. ACM Research Inc. (NASDAQ: ACMR), a chip equipment supplier with meaningful China exposure, fell 9.94% to $72.02, the worst single-session print in the AI chip stocks universe Tuesday. Applied Materials Inc. (NASDAQ: AMAT) dropped 7.82% and Lam Research Corp. (NASDAQ: LRCX) declined 7.54%, both dragged lower by SOXX's 4.80% collapse. ASML Holding N.V. (NASDAQ: ASML) gave up 4.37% to $1,582.95. Chip equipment names are now down 20-34% over one month, a signal the market is pricing a near-term deceleration in leading-edge fab investment.
ServiceNow and monday.com anchor the enterprise AI software trade
The session's defining narrative was a rotation from AI chip stocks into AI software. ServiceNow Inc. (NYSE: NOW) gained 4.79% to $110.62, extending the move that began after its July 22 Q2 report showed EPS of $0.90 against the $0.86 consensus and revenue of $3.99 billion above the $3.93 billion estimate. monday.com Ltd. (NASDAQ: MNDY) surged 6.08% to $87.09 ahead of its own Q2 print on August 10, with Q1 revenue having risen 24% year-over-year to $351 million and AI products representing 10% of net new ARR, per company filings. Salesforce Inc. (NYSE: CRM) added 4.55% and is up 11.35% over five sessions, suggesting institutional rotation into Agentforce monetization plays. StartupHub.ai data covering 5,055 active AI companies shows enterprise software is the fastest-growing cohort by new additions in 2026, consistent with Wall Street's preference for AI names that can demonstrate revenue tied directly to usage rather than training-cluster exposure. Best AI stocks to buy in the current environment increasingly means platforms that convert AI spend into contracted ARR.
Notable but quieter
ARM Holdings plc (NASDAQ: ARM) fell 8.11% to $244.74, now down 28.77% over one month, a sharper correction than any other AI chip stocks name in our universe outside of memory. Dell Technologies Inc. (NYSE: DELL) dropped 8.15% to $392.10 alongside AMD but remains the biggest year-to-date winner in our universe at +206.81%, a testament to the AI server narrative even amid Tuesday's carnage. Palantir Technologies Inc. (NYSE: PLTR) slid 6.08% to $123.53 in heavy volume, an unusual miss for a name more often aligned with AI software, though the government AI contract pipeline is unchanged. Alphabet Inc. (NASDAQ: GOOGL) bucked the chip pressure to gain 2.19% to $333.71, recovering some of last week's capex-driven losses ahead of Meta's Wednesday report.