Towards the opening of trading: chip stocks continue to fall
Tech giants reported, and both are increasing AI investments, but the market rewarded only Microsoft. Teva jumped 10.2% after strong reports. Still, dual-listed stocks are expected to fall today.
The trading day opened after a significant evening of reports from tech giants, which once again illustrates the rule of the season: the market is no longer satisfied with investments in AI, it wants to see results.
Two giants reported, and both announced a further increase in capital investments in AI, but the market reacted to them in completely opposite ways.
Meta missed expectations and fell in after-hours trading. Despite a strong advertising business, the swelling expenses on AI infrastructure, along with results that did not meet the high bar, weighed on the stock. This is exactly the scenario we saw with Google and Tesla: when investments grow and the return on them is unclear, investors punish.
Microsoft, on the other hand, rose. It is also increasing investments, but showed strong growth in the Azure cloud and, above all, proved that it manages to "sell" AI to customers — that is, to generate real revenue from the investment. The difference between the two reactions is a concentrated lesson in everything that occupies Wall Street right now: not how much you invest in AI, but how much you earn from it.
The stock exchange weakened by 1% yesterday, following the declines on Wall Street. Defense companies stood out negatively (the index fell 2.5%) despite the resumption of attacks against Iran — again the paradox of the sector. Cleantech (2.4%) and banks (1.5%) also fell.
But the big star was Teva, which jumped 10.2% after publishing strong reports and raising forecasts for revenue from its original drugs. This is exactly the answer the market was looking for: after the stock had already risen 92% in a year, it proved that growth continues and has not exhausted itself. Original drugs (Austedo, Ajovy) continue to lead, and the debt balance is improving.
Also notable: Shuv Energy jumped 6.3% after Generation Capital acquired it from Shikun & Binui in a deal of 4.45 billion shekels. Nofar Energy, on the other hand, fell 5.7% after announcing the acquisition of a stake in the Reindeer power plant and raising 2 billion shekels in financing from Leumi — the market, as usual, reacts cautiously to large deals that require debt.
In New York, the retreat continued, mainly in technology, against the backdrop of the giants' reports and the ongoing concern about AI spending. The general background remains tense — the chip crisis, the fear of "circular financing," and competition from China continue to dampen sentiment.
Despite Teva's jump, the opening today is expected to be mixed due to dual-listed stocks. Some of the large stocks will return with negative arbitrage gaps: Tower is expected to fall about 6.5%, Camtek 4.5%, and Nova 3.5%, following the weakness in chips on Wall Street.
Today's opening will be a struggle between two forces: Teva's jump and strength in software on one side, against the continued pressure on chips on the other. For the Israeli saver, the comparison between Meta and Microsoft is an important lesson — in the investment world of 2026, the difference between a winner and a loser is not the size of the investment in AI, but the ability to turn it into profit.
And Teva provides a comforting reminder: even after a run of tens of percent, a company that continues to deliver real results can continue to rise.
