Early semiconductor earnings point to resilient AI demand, although investor enthusiasm is becoming more selective. Initial results from ASML and TSMC reinforce expectations that demand for advanced chips and equipment will outpace supply through 2028. Wall Street remains optimistic about AI infrastructure spending, but rising manufacturing costs, margin pressure, and concerns over AI funding are tempering expectations. Consumer-sensitive markets, particularly smartphones and PCs, remain weak as higher component prices weigh on demand. Early sentiment readings are broadly unchanged from last quarter on a comparable basis, but materially stronger than a year ago.

With only two of 14 companies reporting, the index will refresh once seven have released results.