Meta Doubles Down, Memory Bounces, Market Still Sideways
Weekly Outlook 07/13/26
Market Recap
Memory stocks rebounded this week with $SNDK recovering roughly 30% off Tuesday’s low after the group went down in tandem with Samsung, which sold off on earnings despite the beat.
Crude oil futures also saw a bounce this week as the official ceasefire ceased early in the week, as well as technically from a major 200 moving average.
The other major news this week was Thursday when Reuters obtained an internal $META memo laying out plans to double compute to 14 gigawatts in 2027, with its custom Iris chip going into production in September and multi-year memory supply deals locked in with Samsung and $SNDK. Two weeks ago the market read Meta subletting excess compute as an admission it had overbuilt, and that cracked the scarcity thesis underwriting the whole datacenter trade. This weeks news seemed to reverse the picture, with the overall AI complex seeing a modest recovery.
Meta stacked on top with Muse Spark 1.1, its new agentic model, and the reception was strong across the board. SemiAnalysis went as far as calling Meta on track to overtake Google’s frontier models within six months. $META closed up roughly 15% on the week, the best Mag 7 name by a wide margin.
On Friday SK Hynix priced its Nasdaq ADR at $149, raised $26.51 billion, and closed up around 13%, the largest US debut by a foreign company on record.
Underneath all of it, the QQQ 0.00%↑ still remains in the same consolidation range since early June, same levels on either side.
Watchlist
Earnings season kicks off next week and the banks go first, with $JPM and the rest of the majors reporting Tuesday morning.
$SKHY as well as the broader memory group remains on watch but in a more neutral position, with $SNDK, $MU, and $WDC having now sold off and bounced, which leaves the whole complex sitting in a neutral spot with no edge on either side. It needs more time to pick a direction.
$NVDA is a change of character since Tuesday. Price had been consolidating right on the major 200sma, and the last few sessions have brought real buying pressure, large range moves higher and closes near the highs in three of the last four days.
$AMD was one of the few semis that held up cleanly through the selloff and it stayed strong through the bounce. The question is whether it can trend without getting chopped up, because the broader $SOXX action is still wide and erratic.
$META is on watch for how it digests the move. Up roughly 15% on the week off the Muse release and the compute memo, so the interest now is entirely in how it behaves after a run that size.
$WYFI is showing relative strength and worth a look. It sits in the AI infrastructure and datacenter lane, which puts it directly downstream of the compute story that just got re-validated.
$SPCX closed at new lows on Friday, below the $150 IPO open. The level underneath is $135, where the deal actually priced, and that is the obvious magnet if this keeps bleeding. Worth noting it made these lows after Nasdaq-100 inclusion, meaning it could not hold a mechanical passive bid.
$BTC and $ETH have stopped going down. Two weeks of basing, and $ETH in particular is pressing right up against a higher high break. If the low is in, this is where it shows up first.
Closing Thoughts
There is no clear leadership right now. No group stands out, nothing is trending cleanly, which is not a coincidence, it is just another expression of the same sideways summer consolidation we have been stuck in since the start of June.
The good news is that the $QQQ is doing this in an orderly way. It has been coiling, not breaking. No real support has given way, and price is simply working off the move rather than unwinding it.
It remains a market to stay patient. The easy money period arrives after the $QQQ resolves out of range. Until then, keep running the scans as the tape can flip in the space of a few days.
If you enjoyed this read, please consider leaving a like on the post, and let me know in the comments if I missed anything or what you’re watching for this week!
P.S.
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