Jul 2, 2026 · 6 min
Apple shares surge on foldable phone outlook while chip stocks tumble
Closing Bell: Rivian Jumps, Apple Gains, Chip Stocks Sink
Shifting hardware strategies are rapidly reshaping market valuations, proving that even dominant semiconductor players remain vulnerable to sudden shifts in the AI landscape.
- 1Apple shares climbed over 4.8 percent on reports of increased production forecasts for its upcoming foldable smartphones.
- 2Semiconductor stocks experienced a broad decline led by SanDisk following news of new AI hardware competition.
- 3Rivian Automotive rallied after beating delivery expectations and raising its full-year sales guidance.
The brief
The US stock market close saw starkly diverging fortunes as tech giants navigated shifting supply expectations and emerging hardware competition in the artificial intelligence space.
Apple shares surged over 4.8 percent following reports that the tech giant is raising production forecasts for its highly anticipated upcoming foldable phones, signaling strong internal confidence.
Conversely, semiconductor stocks faced a broad selloff, with SanDisk and the wider chip index sliding after news broke that AI startup Anthropic is exploring building its own custom hardware.
What was said on this episode
4 statements · 1 positive · 2 negative · 1 neutral
Rivian expects to deliver 65,000–70,000 vehicles in 2026.
“The company expects to deliver between 65,000 and 70,000 vehicles this year.”
Listen at 1:43
Anthropic has begun early-stage development of its own AI chip.
“the information reported that Anthropic has begun early stage work on its own AI chip”
Listen at 2:53
Tesla’s second-quarter deliveries failed to meet investor expectations.
“it was still not high enough in terms of what we were expecting. From the investor standpoint it didn't meet the bar.”
Listen at 3:34
American Eagle’s stock has faced pressure from macroeconomics, weaker discretionary spending, brand divergence, and margin pressure.
“the stock has really been pressured this year, generally speaking, just from the macroeconomic landscape, consumers pulling back on discretionary spending and some diverging brand performance that we've been seeing at the company and persistent margin pressures.”
Listen at 3:59
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Featuring
Mentioned
Apple Inc.
SanDiskBooks & mentions
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