Just caught up on the stock market action from early February and there's some interesting rotation happening. The Dow managed to squeeze out a 0.5% gain while both the Nasdaq and S&P 500 went negative - pretty typical when tech gets hit and value stocks rally. Nasdaq took it worst, down 1.5%, mainly because semiconductor stocks got hammered. AMD dropped 17% despite beating earnings estimates, which tells you how high expectations were running on AI chips. Meanwhile, energy and materials sectors were having a moment, up over 2% each. The stock market showed 24.6 billion shares trading, which was above average volume. What caught my eye was the sector flip - tech and comms down 2%+, but staples, utilities, and energy all in green. VIX ticked up 3.6% to 18.64, suggesting traders were getting a bit more cautious. Amgen did well though, up 8% after beating on both earnings and revenue. The stock market data showed 93 new 52-week highs on the S&P but also 23 new lows, so it wasn't all bullish. Feels like we're in one of those rotation phases where investors are rethinking the AI trade and rotating into more defensive plays.